LCC’s full-year profit up 13% to €569 million
Europe’s biggest no-frills airline increased its full-year profit by 13% for the 12 months to March 31 as it piled on routes aimed at dominating the continent’s short-haul market, where full-service operators are struggling to reduce losses.
Ryanair’s earnings after tax rose to €569 million, minus one-off items, up from €503 million for the previous year. Industry analysts had been predicting on average a profit of €560 million. Passenger number rose 5% last year to 79.3 million.
Michael O’Leary, who has been the carrier’s CEO for almost 20 years, says that he will probably stay in the role for a further five years. In that period, the company is aiming for a 20% share of Europe’s short-haul market by 2018.
“We see tremendous opportunities right across Europe. There’s a lot of retrenchment going on,” Howard Millar, the airline’s chief financial officer and deputy CEO, told Bloomberg.
Ryanair says it will idle fewer planes than usual next winter, lifting passenger numbers by another 2 million for the year and bringing earnings to between €570 million and €600 million.