Stansted: Record annual profit for Ryanair
RYANAIR boss Michael O’Leary unveiled record profits for the airline today but admitted it is unlikely there will be a repeat performance this year.
The Dublin-based low-cost carrier, a major operator out of Stansted, flew 75.8 million passengers in the year to March 31, an increase of 5% on a year earlier and helping it to lift net profits by 25% to 502.6 million euro (�405 million).
A 30% jump in fuel costs was offset by a 16% rise in average fares, partly due to the grounding of 80 aircraft over the winter, while ancillary revenues such as in-flight sales surged 11% to 886.2 million euro (�714.7 million).
Ryanair expects passenger numbers to rise by another 5% this year but with its fuel bill increasing by another 320 million euro (�258 million) it has warned profits this year were likely to be in the range of 400 million euro (�323 million) and 440 million euro (�355 million).
Mr O’Leary said the combination of rising oil prices and EU-wide recession would continue to hurt the sector following the failures over the last year of Malev in Hungary, Spanair and Cimber Sterling in Denmark.
You may also want to watch:
He added: “We expect more European failures in 2012, as higher oil prices and recession continues to expose failed airline models as well as subscale or peripheral carriers.”
Mr O’Leary said that despite the rising number of airline failures, many of Europe’s governments continued to treat the sector and airline passengers as a “cash cow” to fund their taxation.
- 1 First look at £10m Sudbury garden centre revamp
- 2 WATCH: 'Selfish' drug-driver ploughs into police detective's vehicle
- 3 'I can't carry it' - Shock as plant starts growing eight inches a day
- 4 QPR trigger buy-out clause to sign Dozzell for £1m
- 5 'I'll always have love for Ipswich, but it was time to move on' - Dozzell signs for QPR
- 6 Mum of 'beautiful' Lily calls for young people to have their hearts tested
- 7 Gill has 'no regrets' over Norwich to Ipswich switch
- 8 Teenage county lines drug dealer handed suspended prison sentence
- 9 Tim Hortons restaurant in Ipswich given green light
- 10 If your surname is on this list you could be sitting on a fortune
He said: “UK air passenger duty has caused traffic to decline by 6% since 2007, while the UK Government’s ‘do nothing’ policy about runway capacity in the South East is encouraging traffic and tourism to bypass high-cost London airports in favour of expanding airports in Spain, France and Holland.”