Ryanair Reports Record Profits and Passenger Numbers
European airline giant Ryanair has announced its annual results, revealing another year of record profits and passenger numbers. The airline’s average fare was 21% more expensive than the previous year, showing a strong financial performance.
Despite the increase in fares, Ryanair has hinted at a possible cut in ticket prices after this summer. Chief Executive Michael O’Leary stated that ticket prices may either stay the same or become more expensive, depending on demand.
The airline reported annual profits of €1.92bn (£1.64bn), surpassing its previous record of €1.45bn (£1.26bn) set in the year ending March 2018. Passenger numbers have also reached all-time highs, with a 23% increase compared to pre-pandemic numbers in 2019, reaching a total of 184 million.
In terms of future growth, Ryanair remains cautiously optimistic and expects its peak summer 2024 fares to be flat or slightly higher than last year. The airline’s summer schedule will include over 200 new routes, indicating strong demand for flights.
However, Ryanair has faced challenges with receiving new planes from Boeing, which has caused delays in its expansion plans. The airline had ordered 300 new 737 MAX 10 aircraft, but due to regulatory and safety concerns, Boeing has been unable to deliver them on time.
Despite this setback, Mr. O’Leary remains hopeful, stating that Ryanair will receive “modest compensation” from Boeing for the delays. The airline also reported a 32% increase in its fuel bill, reaching €5.14bn (£4.4bn).
Overall, Ryanair has demonstrated its resilience and strong performance in the face of challenges. With its record profits and passenger numbers, the airline continues to solidify its position as Europe’s largest airline.
