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Ryanair sees half-year profit jump 24%
Ryanair achieved record half year after tax profits of €408 million, up 24% on the same period last year.
Traffic grew by 20% to 26.6 million passengers in the six months to September 30 but yields fell by 1% as revenues rose by 24% to €1,554 million.
Unit costs increased by 5%, mainly due to higher fuel, staff, and airport costs, the airline said. Overall airport costs rose by 50% to €208.9 million due to a doubling of charges at Stansted and higher fees at Dublin airport.
“Despite these higher costs, Ryanair maintained an industry leading after tax margin of 26%,” a statement said.
Ancillary revenues outpaced passenger volumes, rising by 54% to €252.3 million.
“This performance reflects the strong growth in onboard sales, excess baggage revenues, non-flight scheduled revenues and other ancillary products,” the airline said.
The airline is to test an in-flight mobile phone service on 25 aircraft by the end of March, allowing passengers to make and receive calls and texts on mobile phones and Blackberry’s.
CEO Michael O’Leary used the half-year results announcement to repeat a call for Stansted owner BAA to be broken up “urgently”.
He also attacked the change in the basis of Air Passenger Duty in 2009 from a per passenger to a per flight charge as “failing to address the fundamental inequity of this travel tax scam”.
“Not one penny of the extra £1 billion raised annually has been spent on environmental projects,” he said. “Despite repeated requests, the UK Treasury refuses to confirm how this money will be spent. The reality is that this is just another government tax on passengers and we again call on the Chancellor to end this modern day highway robbery.”
The leading European no-frills carrier said the outlook for the remainder of the financial year “remains cautious”.
Full-year profits are now expected to come in at €470 million rather than the €440 million previously forecast.
The airline put four million seats on sale at £10/€10 inclusive.
by Phil Davies
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