Ryanair Holdings has reported full-year profit after tax growth of 34% to €1.92bn, as traffic grew 9% to 184m passengers (23% more than pre-Covid).

The group’s industry leading cost base and increased revenues helped to offset a significantly higher fuel bill as hedged oil prices rose from $65bbl in FY23 to $89bbl in FY24.

FY24 Highlights:

  • Traffic grew 9% to 183.7m, despite Boeing delays.
    Rev. per pax up 15% (ave. fare +21% & ancil. rev. +3%).
    Fuel bill rose 32% (+€1.25bn) to €5.14bn.
    ESG ratings upgraded (MSCI ‘A’ & CDP ‘A-’) & strong 85% CSAT score achieved.
    146x B737 “Gamechangers” in 584 aircraft fleet at Mar. 2024 due to Boeing delays.
    5 new bases and over 200 new routes open for S.24.
    FY25 fuel over 70% hedged at just under $80bbl saving €450m.
    Maiden int. div. €0.175 paid in Feb. Final div. of €0.178 (payable in Sept.).
    300x B737-MAX-10 order underpins growth to 300m pax (FY34) subject to Boeing deliveries.

Ryanair’s Group CEO Michael O’Leary, said: “Ryanair expects to grow FY25 traffic by 8% (198m to 200m passengers), subject to Boeing deliveries returning to contracted levels before year-end.

“Our cost advantage over competitors continues to widen, even though we expect FY25 unit costs to rise modestly as ex-fuel costs (incl. annualised pay & productivity allowance increases, higher handling & ATC fees and the impact of Gamechanger delivery delays on crewing ratios and fixed costs) is substantially offset by our fuel hedge savings and our rising interest income.

“With EU short-haul capacity constrained, S.24 demand is positive, with bookings trending ahead of last year. Recent pricing is softer than we expected, with Q1 requiring more price stimulation than last year (particularly as half of Easter moved into Mar. and out of Apr.).

“While visibility is limited, and the outcome will be heavily dependent on close-in peak S.24 pricing, we remain cautiously optimistic that peak S.24 fares will be flat to modestly ahead of last summer. Q4 FY25 will not benefit from an early Easter (as it did in FY24).

“It is therefore too early to be able to provide sensible or accurate FY25 PAT guidance. The final outcome for FY25 will be heavily dependent upon avoiding adverse events during FY25 (such as wars in Ukraine and the Middle East, extensive ATC disruptions or further Boeing delivery delays).”Subscribe to the FINN weekly newsletter

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