Ryanair says strong demand will drive summer fare increase

Europe's largest low-cost carrier flies back into the black, landing a $1.5 billion profit

Ryanair's profit soared to $1.5 billion. PA
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Ryanair predicts that strong demand for summer flights will cause further increases in fares, as the airline's profits soared higher.

Europe's largest low-cost airline flew back into profit to the tune of 1.4 billion euros ($1.5 billion) for the year to the end of March 2023, following a loss of 355 million euros in the previous year.

The strong recovery from the pandemic saw a 74 per cent surge in passenger numbers for the airline to 168.6 million, while fares increased by 10 per cent.

Ryanair chief executive Michael O'Leary says the airline's post-Covid recovery has been strong. Reuters

Pandemic recovery

“Over the last year we have seen a very strong post-Covid traffic recovery,” said chief executive Michael O'Leary.

“To date, summer 2023 demand is robust and peak summer 2023 fares are trending ahead of last year.

“First-quarter fares, which benefited from a strong Easter in April – and a very weak previous year comparable due to Russia's invasion of Ukraine – will be significantly higher than the first quarter of 2022-23.”

Ryanair's results were announced a fortnight after the carrier ordered 300 Boeing 737 MAX jets, worth over $40 billion, for delivery from 2027.

The company is planning for an 80 per cent rise in passenger numbers over the next 10 years, with 300 million passengers flying with them by 2034.

Expansion plans include the recruitment of more than 10,000 pilots, engineers and cabin crew.

Updated: May 22, 2023, 7:43 AM