Ryanair records €2.18bn half year profits, thanks to strong summer and higher fares

By Travel Gossip Reporters
Home » Ryanair records €2.18bn half year profits, thanks to strong summer and higher fares

Ryainair has reported strong half year profits of €2.18bn, compared to the previous year’s half-year profits of €1.37bn.

The Irish carrier has cited the increase in profits are largely due to the fact it had a strong Easter and summer, as well as higher passenger fares.

In its latest financial reports released today, Ryanair said that despite higher fuel costs earlier in the year, its traffic grew 11% to 105.4m for the first half of 2023, and average fares were up by 24%.

Ryanair CEO Michael O’Leary however was quick to hit out at the recent air traffic issues which caused havoc for travellers.

He said: “The urgent reform of Europe’s inefficient ATC system is one of the most significant environmental initiatives the EU can deliver.  In 2023, French ATC has (so far) inflicted over 60 days of strikes on our sector, during which the French Government use minimum service laws to protect local/domestic flights while disproportionately cancelling overflights. 

“In September we delivered a petition (signed by 1.5m customers) calling on the EC to protect the single market for air travel by protecting overflights (while respecting ATC Unions right to strike), as is already the case in Greece, Italy and Spain.”

The airline added that during summer 2023 it operated its largest ever schedule, including three new bases and 190 new routes.

This winter, the carrier will also operate six new bases (Athens, Belfast, Copenhagen, Girona, Lanzarote and Tenerife), and more than 60 new routes.

Summarising its results, Ryanair’s report concluded: “Despite uncertainty over Boeing deliveries, a significantly higher full year fuel bill (up c.€1.3bn on last year), very limited Q4 visibility and the risk of weaker consumer spending over coming months, we now expect that FY24 PAT will finish in a range of between €1.85bn to €2.05bn, assuming modest losses over the H2 winter period.”

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