First half profits at Ryanair climb 7% despite ‘difficult’ market conditions
- Credit: PA
Ryanair said today that its profits jumped 7% in the first half of the year, and increased its forecast for the number of passengers it expects to carry by 2024.
The Dubline-based low-cost carrier, which is the largest operator at Stansted Airport, said half-year profits after tax reached 1.168bn euros (£1.042bn) to the end of September, up from 1.088bn euros (£971m) over the same period last year.
The profits boost came despite the airline enduring turbulent market conditions, triggered by air traffic control (ATC) strikes, a string of overseas terror attacks and the economic fallout of the Brexit vote.
But despite its Brexit concerns and “caution” over the outlook for the business, Ryanair raised its long-term traffic forecasts by more than 10% to 200m passengers.
The firm said it believes it can deliver profitable growth across Europe by “controlling costs, lowering airfares, and maximising load factors”.
You may also want to watch:
Chief executive Michael O’Leary said: “We are pleased to report this 7% increase in first-half profits, which was a creditable performance in difficult market conditions due to repeated ATC strikes, terror events, and the adverse economic impact of the Brexit vote in June which saw sterling weaken materially over the peak summer period.
“We responded by accelerating our Always Getting Better (AGB) customer experience programme, and using our lower costs base to stimulate stronger forward bookings with lower fares.”
- 1 ‘Demolition Man’ Cook tells vast majority of Ipswich Town squad to find new clubs
- 2 Mum-of-four with 'beautiful soul' dies after collapsing in the street
- 3 Ipswich U18s fall to second-half Liverpool goals - how the FA Youth Cup semi-final unfolded....
- 4 Takeaway contaminated food with raw meat and sold items past use-by date
- 5 Steam locomotive back in Suffolk for anniversary trips
- 6 'Beautiful inside and out': Tragedy as mum dies 48 hours after giving birth
- 7 Film crews spotted in Ipswich town centre
- 8 'Larger-than-life' Ipswich drama teacher Gloria Henshall dies
- 9 'I loved my time here... I should have stayed' - Former loanee Jeffers back with Town in coaching role
- 10 Pub boss struggling to recruit ahead of lockdown lifting