Ryanair reported a 7% fall in H1 profits (“PAT”) to €1.20bn (excl. Laudamotion losses). Average fares declined 3% due to excess capacity in Europe, an earlier Easter in Q1, repeated ATC strikes/staff shortages which caused a spike in cancellations of higher fare, weekend flights.
Higher fuel, staff and EU261 costs have offset strong ancillary revenue growth.
Ryanair’s Michael O’Leary said:
“As recently guided, H1 average fares fell by 3%. While ancillary revenues performed strongly, up 27%, these were offset by higher fuel, staff and EU261 costs. Our traffic, which was repeatedly impacted by the worst summer of ATC disruptions on record, grew 6% at an unchanged 96% load factor.
H1 highlights include:
• Traffic grew 6% to 76.6m (LF 96%)
• Ave. fare fell 3% to under €46
• Ancillary revenue rose 27% to €1.3bn
• Agreements signed with Irish, UK, Italian, Portuguese (pilots) & German (cabin crew) unions
• Laudamotion holding increased to 75%
• 23 new B737s delivered
• €540m returned to shareholders via buybacks
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