May 22, 2023

Ryanair returns to profit as fares jump

Budget airline Ryanair has reported its first profit since the pandemic as fares and passenger numbers rebounded. The carrier's profits hit €1.43bn in the year to March, with average fares up by 50% to €41. The airline warned its fuel costs were set to jump in the next year due to high oil prices. Ryanair boss Michael O'Leary said current fares were "Significantly" higher than a year ago, when demand was hit by Russia's invasion of Ukraine. Mr O'Leary said demand to travel this summer is "Robust and peak summer 2023 fares are trending ahead of last year".

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