Ryanair sees softer fares, but reports record profits

Ryanair promised shareholder returns, with a €700 million share buyback, as it reported record results and gave the market insights into prevailing flight prices heading into the key summer trading period.

Profit was up 21% for the financial year, up to €1.92 billion, driven largely by higher average flight prices and record passenger volumes in the reporting period.

This summer though, Ryanair is anticipating slowing fares, seen only ‘flat to modestly higher’, with chief executive Michael O’Leary describing “a recessionary feel” across Europe.

He also cautioned that the industry will be impacted by the delay in delivery of Boeing aircraft, amidst the aerospace manufacturer’s ongoing troubles with quality control.

Ryanair, separately, noted that its fuel bill had also increased by 32%.