Ryanair Raises Full-Year Profit Forecast on Strong Summer Sales
Ryanair, Europe’s biggest discount carrier, raised its full-year profit goal, bolstered by strong summer ticket sales at “higher than expected” fares.
Annual profit after tax for the 12 months to 31 March will be in the range of €1.175 billion ($1.31 billion) to €1.225 billion, compared with a previous target of €940 million to €970 million, the Dublin-based carrier said in a statement Wednesday. The company also raised its full-year traffic target 1 per cent to 104 million passengers.
Under chief executive officer Michael O’Leary, Ryanair has sought to broaden Ryanair’s customer appeal by toning down his sales pitch and offering a range of paid-for extras to entice more business passengers and families. The strategy, dubbed Always Getting Better, as well as the strength of the British pound and the
UK’s wettest August in a century, helped bolster summer sales, chief financial officer Neil Sorahan said in an interview.
“The Always Getting Better plan is continuing to deliver better customer numbers,” Sorahan said. The carrier expects average fares in the third quarter to remain largely unchanged.
Bloomberg News, edited by Hospitality Ireland