Ryanair records €1.43bn annual profit as fares rise

The Dublin-based carrier’s profit haul for the 12 months to March 31 compares with a net loss of €355m the previous year

Mon, 22 May, 2023 - 08:00

Neil Lancefield and Holly Williams, PA

Budget airline Ryanair has revealed it swung to an annual profit of €1.43bn after a bounce back in travel demand and higher fares.

The Dublin-based carrier’s profit haul for the 12 months to March 31 compares with a net loss of €355m the previous year and comes after a 74% surge in passengers to 168.6 million.

It said air fares jumped 50% on levels seen a year earlier, to an average of €41 euros.

Ryanair chief executive Michael O’Leary flagged cost pressures over the year ahead, with the company’s fuel bill expected to surge by more than €1bn due to higher oil prices.

He said he was “cautiously optimistic” the airline can grow profits modestly over the year ahead as he expects the ongoing recovery in travel and higher fares to help offset the fuel bill hit.

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