Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Higher fares and record traffic make Ryanair finances better than pre-COVID

Higher fares and record traffic make Ryanair finances better than pre-COVID

While many airlines have been struggling, the low-cost carrier has recovered to a better position than before 2019 as its CEO says concerns about recession and inflation have been "greatly exaggerated".
While most airlines and airports have struggled to return to pre-pandemic health, Ryanair has brought itself to a better position than 2019.

Record passenger numbers in the second quarter and higher fares have resulted in a profit of €1.37bn (£1.2bn) for the first half of its 2023 financial year.

The numbers are better than pre-pandemic. Profits have increased from €1.15bn (£1.01bn) in the first of the year before the pandemic hit and passenger numbers hit 95.1m in the second quarter of this financial year, up from 85.7m before COVID-19 hit.

Fares too were 7% higher in the first six months than in the company's pre-COVID 2020 financial year. The increase over the half year would have been higher but for the invasion of Ukraine, Ryanair said. Ticket take was up 14% in the second half of the year which, was offset by lower first quarter fares.

It is a manifestation of statements from Ryanair CEO Michael O'Leary that the era of low-cost fares is over.

Mr O'Leary had said in the summer that €10 (£8.78) tickets may be a thing of the past and instead the average fare would rise from around €40 (£33.75) last year to roughly €50 (£43.91) over the next five years.

Ryanair's expectations showed that higher fares won't slow the airline down.

On Monday morning it raised expectations for the number of passengers it is to carry from 166.5m to 168m, which would be a 13% increase on pre-COVID traffic. The company also said it remains "hopeful" that revenue from fares at the end of the year will also be higher than pre-pandemic.

The company has capitalised on competitors' contraction. While other European airlines have cut capacity by 20%, Ryanair will offer 10% more seats than pre-COVID this winter.

In the first half of the year 15 new bases and 770 new routes opened, the first half results announcement said.

Commenting on the results, Mr O'Leary said, "Concerns about the impact of recession and rising consumer price inflation on Ryanair's business model have been greatly exaggerated in recent months."

Ryanair announced last month it had reached an agreement with cabin crew over pay and working conditions, which means they will work five days on and have three days off.

The deal for upfront and annual pay increases was signed with Unite, the union representing cabin crew based in the UK.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×