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Business continues to boom for Ryanair

Ryanair has experienced a massive surge in profits. The airline's full-year results show it made ...
Newstalk
Newstalk

08.23 23 May 2016


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Business continues to boom for...

Business continues to boom for Ryanair

Newstalk
Newstalk

08.23 23 May 2016


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Ryanair has experienced a massive surge in profits. The airline's full-year results show it made €1.2bn over the past 12 months - that's a 43% increase on the previous year.

It has also become the first airline to carry over 100 million international customers in a year - the total number of customers transported increased by 18%, while the company's average fare dropped by 1% to €46.67.

The cost for carrying each individual fell by 6%, despite the fact that it hedged its oil supply to 2014 rates, which are significantly higher than today's prices.

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Ryanair received 41 new planes, which helped it to bring services to seven new bases.

The company revamped its website and launched a new app, and continued its 'Always Getting Better' campaign during the 12 months.

Ryanair’s Michael O’Leary, said, "The 2016 financial year was a year in which we delivered significant traffic and profit growth in all four quarters (despite an average oil price of $90bbl as a consequence of hedges put in place in 2014) as our 'Always Getting Better' service programme is attracting millions of new customers to our lowest fare/lowest cost model."

Ryanair said that it hopes its net profit will increase by 13% by March 2017.

The profits don't include the proceeds from the firm's sale of Aer Lingus shares.

Kenny Jacobs is Ryanair's chief financial officer - he told Newstalk that European markets have continued to embrace the company's low-cost model:


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