Passengers lift Ryanair's forecast
Ryanair raised its full-year profit forecast by 10 per cent yesterday, as it predicted that rising revenue per passenger mile would more than offset high fuel costs.
Europe's largest no-frills airline said it had seen virtually no impact from the decline in consumer sentiment in its first half, with revenue per passenger mile up 11 per cent in the six months to 20 September.
These were pushed up by higher average fares, helped by baggage fees, and an "improved product mix" that drove ancillary sales such as reserved seating fees and online payment charges. However, the airline did warn that revenues would suffer in the second half as it grounded 80 aircraft.
"We are well booked for the coming months, fractionally ahead of where we were last year," Howard Millar, its chief financial officer, said.
Michael O'Leary, Ryanair's chief executive, added: "Ryanair's capacity cuts will mean that traffic in the second half will fall by 4 per cent. In November, for example, we expect to report a traffic decline of 10 per cent, or almost 500,000 passengers, as we ground up to 80 aircraft due to higher oil prices."
Ryanair said it expected to make a profit before tax of €440m for this financial year, up from €400m.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Germany and ECB set for fight over money-printing
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...