Ryanair posts first net profit since pandemic

Ryanair posts first net profit since pandemic

Ryanair has posted its first net profit since the pandemic as fares and passenger numbers rebounded.

In the year to March, the airline's profits hit €1.43 bn 1.24 bn, with average fares up by 50% to €41.

The airline said its fuel costs were set to increase in the next year due to high oil prices.

Ryanair's manager Michael O'Leary said that current prices were significantly higher than a year ago when demand was hit by Russia's invasion of Ukraine.

Aviation expert John Strickland, from JLS Consulting, said fares could increase even more with a family of four seeing costs rise by another 20 or 30 pounds, but he said these rises were unlikely to put people off travelling.

If you talk about, let's say, a 10% increase or even a 15% or 20% increase, we're only talking about a few pounds, maybe five, six, seven in increased costs, he said.

While that's not nothing, I don't believe that's going to be a showstopper in terms of demand. As the demand for travel increased, Ryanair experienced a surge in passenger numbers by 74% to 168.6 million last year.

Mr O'Leary said demand to travel this summer is robust and peak summer 2023 fares are trending ahead of last year. Despite the steep fuel costs, he said he was cautiously optimistic this would be covered by higher revenue, delivering a modest year-on-year profit increase.