Europe's largest airline group Ryanair saw its profits rise by 34% last year driven by increased passenger numbers and higher air fares.
Ryanair Holdings plc reported profits of €1.92 billion in the year to March 2024, as traffic with the airline grew by 9% to 184 million passengers.
Accounts published by the airline on Monday noted that increased revenues last year (up 25% to €13.44 billion) were due to the increase in passenger numbers, as well as a 21% increase in the average air fare to around €49.80, and increased spending by passengers on discretionary services such as reserved seating and in-flight sales.
The airline's ticket prices rose by 17% last summer, with the group previously citing aircraft delivery delays as the cause. Ryanair CEO Michael O'Leary said that, as EU short-haul capacity is still constrained and bookings are already ahead of last year, air fares this summer are likely to be "flat or modestly ahead of last summer".
'Largest ever summer schedule'
Ryanair added 48 'Gamechanger' Boeing 737-8200 planes to its fleet last year, which the airline says use 16% less fuel and CO2. The airline hopes to add 12 more of these planes to its fleet by the end of July, which is still 23 short of deliveries contracted with Boeing.
O'Leary noted that although there is a risk that Boeing delivery delays could "slip further", Ryanair still plans to grow this summer as travel demand is "strong" in Europe. "Despite Boeing delivery delays, we will operate our largest ever summer schedule with over 200 new routes (and five new bases)."
He said that the airline plans to grow traffic to 200 million passengers this year, subject to Boeing deliveries returning to contracted levels before year end.
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O'Leary also noted that 2023 saw 67 days of air traffic control (ATC) strikes, and called on the European Commission to "deliver urgent reform of Europe's inefficient ATC system," suggesting the protection of overflights during national strikes.
"We again call on Commission President Ursula von der Leyen to defend the single market for air travel by protecting 100% of overflights during national ATC strikes, as is already the case in Greece, Italy and Spain," he said.
The airline's board of directors has approved a €700 million share buyback programme, which will launch later this week.
As well as Ryanair and Ryanair UK, the Ryanair Group also owns Buzz, Lauda, and Malta Air. The Group connects 235 airports in 37 countries, with a total fleet of 584 aircraft.
