Ryanair, Europe’s largest airline, has reported a record loss of €815 million in the year to the end of March after Covid-19 restrictions forced it to scrap more than 80 per cent of flights. The company reported a profit of more than €1 billion over the same period last year.
“We [cautiously] believe that the likely outcome for 2022 is currently close to break even, assuming that a successful rollout of vaccines this summer allows a timely easing of European government travel restrictions on intra-European traffic in time for the peak travel period of July, August and September,” the company reported.
Ryanair said this morning that it flew 27.5 million passengers in its financial year to the end of March, down from 149 million the previous year. Trading had remained challenging in recent months and the airline expected passenger numbers to be curtailed at between 5 and 6 million in the first three months of the year.
Visibility for the remainder of the year was “close to zero” but Ryanair nevertheless reiterated recent guidance that it expected traffic “to be towards the lower end” of its previously guided range of 80 million to 120 million passengers.