Ryanair's AGM took place last week and chief executive Michael O'Leary had some announcements that are sure to be welcomed by shareholders.
The airline now expects to carry 87 million passengers in the year to 31 March as opposed to the 86 million passengers previously forecast. O'Leary said "Our customers and our shareholders have responded favourably to our improving customer experience, our better digital platform and the positive initial uptake of our Business Plus service."
O'Leary also raised Ryanair's profit guidance, saying that profits would be in the upper range of the €620 million to €650 million previously forecast. However, he said that there was still uncertainty over the full-year performance due to little visibility on fare yields for October to March.
The airline said that it expects to benefit from the increased number of destinations and the increase in flight frequencies which it previously announced.
At the AGM, O'Leary also responded to criticisms that Ryanair's board includes a number of long-serving non-executives. Many Ryanair executives who step down remain on the board as non-executives, but O'Leary said it would be “insane” to let such experienced individuals go and that they would be snapped up by other airlines.
O'Leary said that the airline would be able to give a better update regarding full-year profits at its half-year results announcement in early November.
