Nov 6, 2023
Ryanair profits surge as fares rise by a quarter
Ryanair has reported a jump in profits after pushing up fares in the face of strong demand for summer air travel. The no-frills airline said passenger numbers rose 11% to a record 105.4 million in the six months to September, despite average fares rising by 24%. That helped the carrier to report a near-60% rise in profits for the period to €2.18bn. Airlines have seen a post-Covid surge in demand for flights, and Ryanair is set to report record annual profits. Ryanair predicted that fares would see "Mid-teens percentage" rises during the last three months of 2023, with air capacity across Europe still below pre-Covid levels. Ryanair said it expected profits for the full-year to be between €1.85bn and €2.05bn, which would be a record high. Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC's Today programme that one advantage Ryanair had over its competitors was that it had a lot less debt.
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