Wednesday 28 September 2016

Ryanair profits surge by two thirds to €867m

Published 26/05/2015 | 07:22

Michael O'Leary, Ryanair's Chief executive, speaks during a press conference in Bratislava this February. Photo: SAMUEL KUBANI/AFP/Getty Images
Michael O'Leary, Ryanair's Chief executive, speaks during a press conference in Bratislava this February. Photo: SAMUEL KUBANI/AFP/Getty Images

Ryanair has seen its profits jump by two thirds to €867m in the financial year to the end of March.

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This compared to a profit of €523m the year before.

Revenue at the airline was up by 12pc, from just over €5bn to €5.65bn, while earnings per share increased from 36.96 cent to 62.59 cent.

Traffic for the year increased by 11pc to 90.6m passengers as load factors, how full the plane is, rose from 83pc to 88pc

Ryanair chief executive Michael O’Leary said: “We are pleased to celebrate Ryanair’s thirtieth birthday by reporting this 66pc increase in net profit which demonstrates the enduring strength of Ryanair’s lowest fare/lowest cost model which has been transformed by the success of our “Always Getting Better” customer experience programme.  AGB has attracted millions of new customers to Ryanair.

Most of the growth was down to its improved customer service that has brought in lower fees, flexible tickets for business travellers and a move away from small regional airports and that this would continue in the year ahead, Ryanair said.

The company said its fares would be "broadly flat" in the six months to September.

Ryanair expects to increase passenger numbers by 10pc in the year to March 2016 to around 100m, with around half of this at primary airports and about half at smaller regional airports.

Forward bookings to September are on average 4pc ahead of last year, it said.

Ryanair again declined to comment on whether it planned to accept an offer by British Airways owner IAG for its 30 percent stake in Aer Lingus.

The bid has stalled as IAG waits for the Irish government, which owns 25 percent of Aer Lingus, to commit to selling. The government has said Ryanair's attitude was key to its decision.

"The Board of Ryanair will consider any offer from IAG on its merits, if or when it is received," Mr O'Leary said.

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