Advertisement
New Zealand markets close in 11 minutes
  • NZX 50

    11,749.10
    +50.59 (+0.43%)
     
  • NZD/USD

    0.6118
    -0.0014 (-0.23%)
     
  • NZD/EUR

    0.5702
    -0.0003 (-0.06%)
     
  • ALL ORDS

    8,013.10
    +69.50 (+0.87%)
     
  • ASX 200

    7,775.20
    +74.90 (+0.97%)
     
  • OIL

    80.18
    -0.15 (-0.19%)
     
  • GOLD

    2,338.20
    +9.20 (+0.40%)
     
  • NASDAQ

    19,902.75
    +242.95 (+1.24%)
     
  • FTSE

    8,142.15
    -4.71 (-0.06%)
     
  • Dow Jones

    38,778.10
    +188.94 (+0.49%)
     
  • DAX

    18,068.21
    +66.19 (+0.37%)
     
  • Hang Seng

    17,903.06
    -33.06 (-0.18%)
     
  • NIKKEI 225

    38,431.36
    +328.92 (+0.86%)
     
  • NZD/JPY

    96.4450
    -0.2040 (-0.21%)
     

Ryanair profits soar, but fares under pressure

STORY: Ryanair's annual profits soared to record levels over the financial year ended March.

The budget airline flew 184 million passengers in that time, also a record.

That helped drive a 34% year-on-year rise in annual profit to almost $2.1 billion - which was ahead of analyst forecasts.

But the feel-good factor at Ryanair isn't quite matched around Europe.

CEO Michael O'Leary said Monday there is a "recessionary feel" around the continent.

He said it could be a factor in slow-than-expected growth in airfares.

He warned two weeks ago summer fares would likely not see the 5 to 10% rise Ryanair had expected.

ADVERTISEMENT

The carrier said its new forecast of flat to modest yearly peak summer price growth was "heavily dependent" on last-minute summer bookings.

The Irish airline also said it would be 23 jets short of the number Boeing was due to deliver by the end of July.

Though it said Boeing was now delivering planes with a "bit more consistency".

Looking ahead, Ryanair said it was too early to provide sensible after-tax profit guidance for the current financial year.