Ryanair passenger numbers grow by 30%

Monday, 05 Feb, 2002 0

Ryanair today announced for the third quarter, to 31 Dec 01, passenger traffic grew by 30% to 2.7 million and net profit increased by 35%.

However, average yields declined by 10% due, which the airline attributed in large measure to the low fare promotions which it launched immediately following Sept 11.

Total revenue grew by 18% for the period.

Summary Table of Results (Irish GAAP) – in Euro
Quarter Ended

Quarter Ended	Dec 31, 2000	Dec 31, 2001	% Increase
Passengers (incl. no shows)	2.1m	2.7m	+ 30%
Load Factor (incl. no shows)	77%	79%	+ 3%
Revenue	€114.9m	€135.5m	+ 18%
Profit after tax	€21.3m	€28.8m	+ 35%
Basic EPS (Euro Cent)	3.04	3.98	+ 31%

Commenting on today’s announcement, Ryanair’s Chief Executive, Michael O’Leary, said the strong set of results, which were ahead of most analysts’ expectations, underlined the resilience of Ryanair’s “unique low fares model”.

Mr O’Leary said: “Ryanair led the fight back following Sept 11 by slashing fares and offering one million seats for sale at just £9.99. It was important to respond to terrorism by stimulating air travel and promoting consumer confidence. The travelling public responded to the lower fares in huge numbers with the result that we carried more than 10 million passengers in a calendar year for the first time in our history.

Mr O’Leary added: “There can be little doubt that now is a time of immense opportunity in Europe.”

“We will continue to offer Europe’s consumers choice, lower fares and better punctuality. Over the past twelve months our 10 million passengers saved an estimated £1.5 billion compared to the average fares charged by British Airways.”

“Although average fares fell by 10% our continuing focus on costs meant that they rose at a slower rate than sales, with the result that – during one of the worst quarters in commercial airline history – both Ryanair’s margins and net profits increased to record levels. No other airline has been able to match Ryanair’s 30% growth in traffic and 35% increase in profits in the last three months of 2001.”