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Dublin: 5°C Monday 30 November 2020
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Ryanair profits stumble with 8 per cent fall - but that's still ahead of target

The airline recorded a profit of €523 million, with a total revenue of €5 billion.

Ryanair boss Michael O'Leary
Ryanair boss Michael O'Leary
Image: Mark Stedman/Photocall Ireland

RYANAIR’S PROFITS FELL by eight per cent last year, the airline said this morning, but was still ahead of previous targets at €523 million.

The number of passengers the “cheap flights” airline carried in the last financial year grew 3 per cent to 81.7 million, with total revenue generated just over €5 billion.

Costs fell by 3 per cent, excluding fuel.

The airline now aims to grow passenger numbers by 4 per cent next year to 84.6 million, with an increase in profits of between €580 million to €620 million.

It’s also expecting load factors to increase 2 per cent with new routes and capacity on certain flights.

However, caution is being aired on targets set for the winter season due to a weak price environment last year, with a reduction in its winter grounding fleet from 70 to 50.

It also targets a 2 per cent fare increase, compared to a fall of 4 per cent in the last financial year.

PastedImage-41609 Source: Ryanair
Click here to see a larger version of this table.

Ryanair has recently launched a drive to create a more streamlined experience for customers booking online, as well as attempting to change its image to a more ‘customer friendly’ airline.

The next four years will see the airline receive 180 new aircraft.

Read: Ryanair want YOU to decide if they should change their on-time music >

More: Ratings agency S&P is a Ryanair fan, praising ‘industry-leading operating efficiency’ >

Change of heart: Warm and cuddly’ or ‘harsh and caustic’ – Are we seeing Michael O’Leary 2.0? >

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Nicky Ryan

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