Ryanair passenger numbers soar as profits jump to €245m
Budget airline Ryanair saw its profits jump by 25pc to €245m in the first quarter of its financial year, according to new figures from the company.
This compared to an after tax profit of just under €200m in the corresponding period in 2014.
Revenue at the airline was up by 10pc, from just under €1.5bn to €1.65bn, while earnings per share increased from 14.22 cent to 17.90 cent.
The number of customers who travelled with the carrier was up by 16pc, from 24.3m in the first quarter of the financial year in 2014 to 28m.
Ryanair CEO Michael O’leary said: “Our mix of low fares and enhanced customer experience under our “Always Getting Better” programme continues to attract millions of new customers.
“At the same time our focus on cost enables us to pass on lower fares to customers. Q1 average fare fell 4pc to just €45.”
The airline also upped its traffic target for the 2016 financial year from 100m passengers to 103m.
The company that this would be achieved “through a combination of strong load factor and fewer winter groundings”.
Traffic should increase by 13pc in the first half of the financial year and slightly faster at 15pc in the second half, it said.
Ryanair said that fares for the first half of the financial year will be broadly flat and said that it expects “that our faster capacity growth and lower oil prices may lead to an aggressive pricing response from competitors who will try to defend their market shares.
“We therefore remain very cautious about weaker prices and yields this winter.”
The Dublin-based carrier increased its guidance “towards the upper end” of the previously guided €940-970m range.