Ryanair posts near record FY profit, summer demand robust
Ryanair (RYA.I) on Monday posted a near record profit of 1.43 billion euros ($1.57 billion) in the year to end-March and said it was cautiously optimistic that profits would rise modestly in the next 12 months, with summer demand notably robust.
The Irish airline, Europe’s largest by passenger numbers, expects summer European short-haul capacity to remain below pre-COVID levels, with peak fares trending ahead of last year, and that a continued squeeze on capacity would benefit Ryanair.
“The large backlog of OEM (original equipment manufacturer)aircraft deliveries is likely to constrain capacity growth in Europe for at least four more years which confers a considerable growth premium on Ryanair’s remaining 110 (Boeing) B737 Gamechangers deliveries over the next three summers,” Chief Executive Officer Michael O’Leary said.
“Our widening unit cost advantage over all competitors, our fuel hedging, strong balance sheet and our very low-cost aircraft order book, as well as our proven operational resilience, creates enormous growth opportunities for Ryanair over the coming years.”
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