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Ryanair exceeds expectations with huge profits surge
Ryanair has reported a 44% increase in its annual profits and revealed that passenger numbers are up 38% on a year ago.
While British Airways on Friday revealed disappointing passenger figures for May, the no-frills carriers continue to outperform the sector.
The budget airline said that after tax profits were up 44% to euros150.4m. Load factors increased to 81% and marketing and distribution costs fell 42%. However average fares were down 8%, which the airline said was due to foot and mouth disease and September 11.
Ryanair chief executive Michael O’Leary said: “This is another set of outstanding financial results from Ryanair. Despite the impact on the airline sector of both the foot and mouth outbreak in the UK and the tragic events of 11 September in the US. These two events adversely impacted all airlines so our increase in passengers and profits last year is further testimony to the robustness of Ryanair’s unique low fares formula in Europe. No other airline in Europe can match Ryanair’s low fares, our costs or our profitability.”
Mr O’Leary said he was particularly pleased with the airline’s success in the German market, which he claimed “has surprised even ourselves.” Ryanair has achieved 80% load factors on its flights from Germany since the launch of its Frankfurt-Hahn base in February and expects to carry two million passengers on its German routes during the year.
On Friday the Appeals Court in Cologne overturned a previous injunction obtained by Lufthansa which aimed to stop Ryanair and Frankfurt Hahn from using the name ‘Frankfurt’ in the title of the airport which is located some 60 miles away from the city.
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