Passenger growth pushes up profits at Ryanair

Lamar Ellis | 01 June, 2017, 00:59

Despite challenges such as Brexit and the recent influx of terror attacks, Ryaniar has said that passenger numbers are rising and they posted a record high profit of £1.14bn.

The previous year fares dropped 13 per cent.

Irish no-frills carrier Ryanair charted a course to higher profits a year ago, despite tough trading on the back of Britain's shock Brexit vote, it said Tuesday.

The Irish airline said on Tuesday that it grew profits after tax by 6 per cent to €1.316 billion in the 12 months to March 31st and announced plans to return €600 million to investors through a share buy-back scheme.

"I take comfort from the fact that we can increase profit in a year where fares fall by 13 percent", Chief Executive Michael O'Leary told analysts.

However, that guidance had been lowered in October from a range for between €1.375bn to €1.425bn. Revenue edged up 2 percent to €6.65 billion.

O'Leary said the increase in profits for the year to the end of March had been achieved "despite hard trading conditions", including a series of security events in Europe, a sharp decline in sterling and the switch of charter capacity from north Africa, Turkey and Egypt to mainland Europe. The increase in ancillary revenue to 27 percent of the total was driven by a solid performance in reserved seating, priority boarding, vehicle hire and on-board sales, the airline said.

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The low-priced Irish airline earned a net profit of more than 1.3 billion euros a year ago, even though fares were discounted by an average of 13 percent.

That will see its average fares fall by around 5 percent over the key summer months, likely putting pressure on rivals.

This is partly as a result of the weak pound and the last financial year's fares, fell as much as 13 per cent.

As legacy competitors in Italy, Germany, Romania, and Poland undergo deep restructuring, the scale of Ryanair's airport growth negotiations is accelerating.

In London, Ryanair shares were trading at 17.74 euros, down 1.50 percent.

"We continue to juggle more opportunities for 2018 and 2019 than our existing fleet growth can accommodate", the airline said.

On the issue of Brexit, the carrier states it its concerned with the "significant uncertainty" surrounding flights between the United Kingdom and European Union from March 2019, as it awaits clarity on Britain's future trading relationship with the EU.

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Passenger growth pushes up profits at Ryanair

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