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
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×