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Ryanair: Prices tighten slightly this summer | Demand at high levels

AIR NEWS

Air ticket prices will be stable or slightly higher than last summer in this year’s high season, according to Ryanair, despite the fact that demand for travel remains positive, with bookings tending to exceed last year’s levels.

The low-cost carrier made these estimates while announcing a 34% increase in profits to €1.92 billion in the year to 31 March 2024, as passenger numbers rose 9% to 184 million passengers. Total revenue for the 2024 financial year rose 25% to EUR13.44 billion.

Revenue per passenger increased by 15%, with the average fare up 21% to €49.80, thanks to a record first half and strong Easter traffic at the end of March.

Ancillary sales increased by 12% to €4.3 billion – around €23.40 per passenger.

Group chief executive Michael O’Leary said: “The group’s industry-leading cost base and increased revenues helped offset significantly higher fuel costs.”

Looking ahead, he said: “With limited capacity on short-haul routes in the EU, demand for summer 2024 is positive, with bookings tending to exceed last year.”

“While the outlook is limited and the outcome will largely depend on the upcoming summer 24 peak season, we remain cautiously optimistic that summer 24 peak fares will be flat or slightly higher than last summer. The end result for FY2025 will largely depend on avoiding adverse events during FY25, such as wars in Ukraine and the Middle East, widespread air traffic control disruptions or further delays in Boeing delivery,” the Ryanair boss added.

According to him, travel demand in Europe is strong for summer 2024 and, despite delays in Boeing deliveries, Ryanair will operate its largest summer schedule, with over 200 new routes and five new bases.

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