Ryanair targets billion-euro profit as demand defies higher oil prices

Ryanair CEO Michael O'Leary said: 'We’d be disappointed if we don’t do somewhere north of a billion in profits in the next 12 months.'

Ryanair is targeting at least €1bn in profit for the coming year as pent-up demand buoys summer sales and a strong hedging position helps protect against the higher price of jet fuel.

Europe’s biggest discount airline expects to return to profitability and reach a goal of carrying 165m passengers in the 12 months from April 1, provided there’s no major coronavirus flare-up and disruption from the war in Ukraine is contained, chief executive officer Michael O’Leary said.