Ryanair forecasts have risen by 59% in their first half earnings due to record demand in summer flights and higher prices in rising fuel costs.
In the first half Ryanair said fare soared by 24% on average to £50 and rising costs along with a recovery in demand for Easter and summer helped.
Ryanair expect their full year earnings to climb by 30% and have forecast profits between £1.6 billion to £1.78 billion up from £1.24 billion in 2022 /2023.
Michael O’Leary, chief executive of Ryanair, said the full-year out-turn would be held back by a steep increase in fuel cost, “making it unlikely that we’ll replicate last year’s bumper third quarter performance.”
Speaking of the expected rise O’Leary said the expected rise in full-year profits comes “despite uncertainty over Boeing deliveries, a significantly higher full year fuel bill (up around €1.1 billion 2022), very limited fourth quarter visibility and the risk of weaker consumer spending over coming months.”