Ryanair has promised fares will be “flat to modestly up” this summer. 

The budget airline has announced its “best ever set of results” with  €1.9 billion in profits and 184 million passengers in the past year. 

Speaking to Breakfast Business, Chief Financial Officer Neil Sorohan said he recommended people book their holidays as soon as possible. 

“There’s great value at the moment,” he said. 

“Particularly in May and into June for mid-week. 

“I would anticipate particularly as schools close over the next week that you’re going to see prices going up.

“Demand is very, very strong; people want to fly in [large] numbers.

“So, despite the fact that we’re planning to grow our traffic numbers by about 9% this year to somewhere close to 200 million passengers, we still anticipate that fares will be flat to modestly up into the peak of summer. 

“So, I would encourage everyone to book as early as possible.” 

Cabin crew looking out of a Ryanair Boeing 737 at London, Stansted airport. Alamy.com

Disruption in the international energy market sent Ryanair’s fuel bills soaring in 2022. 

The cost of fossil fuels looks set to drop in the coming months but Mr Sorohan said he does not regret that the airline has continued to purchase so much of its fuel in advance. 

“I’m very comfortable where we are on the hedging,” he said. 

“We’ve already locked €450 million worth of savings on our fuel bill for next year, so we’re just over 70% hedged - well below the levels that we were hedging last year.” 

A Ryanair Boeing 737-8AS aircraft in Palma de Mallorca, Spain in August 2011. Picture by: Greg Bajor / Alamy Stock Photo

Despite a previously antagonistic relationship between Michael O’Leary and the environmental lobby, Mr Sorohan said the company was thrilled to have been awarded an ‘A-’ rating on climate protection from the CDP. 

“I think we’ve all grown up,” he said. 

“We’ve got a great story to tell on this front where we’re taking hugely fuel efficient aircraft and the gamechanger [is] 16% more fuel and CO2 efficient.

“So, we’re delighted with the CDP A- rating.” 

Ahead of next month's European elections, Mr Sorohan said he had “no strong views” on who should be European Commission President.

However, he urged voters to check candidates’ transport policy before they cast a ballot. 

“We would prefer if you would support parties that are in favour of low cost travel and the free movement of people,” he said. 

“But otherwise we would have no political views one way or the other.”

Main image: A Ryanair flight.