31/07/2007
Ryanair Announces Record Profits
Ryanair has announced record first quarter profits of 139 million euros, an increase in revenue of 20% on last year's figures.
The latest report showed that passenger number numbers rose by 18% to reach 12.6 million and revenues increased by 22% to 693 million euros.
The airline also revealed that unit costs rose by 5%, mainly due to higher fuel, staff and airport costs.
Ryanair CEO Michael O'Leary said: "These record Q1 profits reflect an 18% growth in passenger volumes, flat yields, and strong growth in ancillaries. Ancillary revenues grew by 53% to 117.1 million due to improved penetration of car hire, hotels, travel insurance, onboard sales and excess baggage revenues. Ancillaries account for 17% of total revenues and we expect this will rise to 20% over the next three years.
"Unit costs rose by 5% due primarily to the doubling of airport charges at Stansted and higher charges at Dublin airport. Staff costs rose by 34% to 75.9 million euros due to volume growth and increased cabin crewing ratios. We continue to focus aggressively on costs and anticipate that unit costs for the remainder of the year will grow by 5% somewhat lower than the 6% to 7% previously guided."
Mr O'Leary added: "We will continue to grow over the winter period, however, due to the softness in yields and the doubling of both UK APD and costs at Stansted, we plan to reduce the number of aircraft operated ex Stansted this winter by almost 20% from 40 to 33.
"This will mean reduced frequency of temporary cessation of services on routes which would be loss making due to Stansted's higher airport charges. Consequently passenger volumes this winter will now grow at a slower rate (by 18% to 50 million) than the 24% to 52 million previously guided. These capacity reductions should being more stability to yields, whilst, at the same time, reducing operating costs and eliminating losses on these non profitable winter routes at Stansted."
(KMcA/SP)
The latest report showed that passenger number numbers rose by 18% to reach 12.6 million and revenues increased by 22% to 693 million euros.
The airline also revealed that unit costs rose by 5%, mainly due to higher fuel, staff and airport costs.
Ryanair CEO Michael O'Leary said: "These record Q1 profits reflect an 18% growth in passenger volumes, flat yields, and strong growth in ancillaries. Ancillary revenues grew by 53% to 117.1 million due to improved penetration of car hire, hotels, travel insurance, onboard sales and excess baggage revenues. Ancillaries account for 17% of total revenues and we expect this will rise to 20% over the next three years.
"Unit costs rose by 5% due primarily to the doubling of airport charges at Stansted and higher charges at Dublin airport. Staff costs rose by 34% to 75.9 million euros due to volume growth and increased cabin crewing ratios. We continue to focus aggressively on costs and anticipate that unit costs for the remainder of the year will grow by 5% somewhat lower than the 6% to 7% previously guided."
Mr O'Leary added: "We will continue to grow over the winter period, however, due to the softness in yields and the doubling of both UK APD and costs at Stansted, we plan to reduce the number of aircraft operated ex Stansted this winter by almost 20% from 40 to 33.
"This will mean reduced frequency of temporary cessation of services on routes which would be loss making due to Stansted's higher airport charges. Consequently passenger volumes this winter will now grow at a slower rate (by 18% to 50 million) than the 24% to 52 million previously guided. These capacity reductions should being more stability to yields, whilst, at the same time, reducing operating costs and eliminating losses on these non profitable winter routes at Stansted."
(KMcA/SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
29 January 2024
Man Due In Court Charged With Kevin Conway Murder
A 27-year-old man is due to appear before Belfast Magistrates' Court today, Monday, 29 January, charged with the murder of Kevin Conway. The man was arrested in west Belfast on 09 January, by detectives investigating the murder. Police have said that as is usual procedure, the charge will be reviewed by the Public Prosecution Service.
Man Due In Court Charged With Kevin Conway Murder
A 27-year-old man is due to appear before Belfast Magistrates' Court today, Monday, 29 January, charged with the murder of Kevin Conway. The man was arrested in west Belfast on 09 January, by detectives investigating the murder. Police have said that as is usual procedure, the charge will be reviewed by the Public Prosecution Service.
23 January 2024
HMRC Issues Self Assessment 31 January Deadline Reminder
HM Revenue and Customs (HMRC) has urged the 3.8 million people yet to file their Self Assessment tax return are urged to "act now or risk facing a £100 penalty". HM Revenue and Customs (HMRC) is expecting more than 12.1 million tax returns to be filed for the 2022 to 2023 tax year along with any payment that is owed. To date more than 8.
HMRC Issues Self Assessment 31 January Deadline Reminder
HM Revenue and Customs (HMRC) has urged the 3.8 million people yet to file their Self Assessment tax return are urged to "act now or risk facing a £100 penalty". HM Revenue and Customs (HMRC) is expecting more than 12.1 million tax returns to be filed for the 2022 to 2023 tax year along with any payment that is owed. To date more than 8.
29 February 2024
Economy Minister Welcomes Increase In Southern Visitors To NI
Economy Minister, Conor Murphy, has welcomed a recorded increase in the number of visitors to NI from the Republic of Ireland. The latest visitor statistics from the Central Statistics Office (CSO), show a very strong performance on trips, nights and spend by Republic of Ireland residents in Northern Ireland in the first nine months of 2023.
Economy Minister Welcomes Increase In Southern Visitors To NI
Economy Minister, Conor Murphy, has welcomed a recorded increase in the number of visitors to NI from the Republic of Ireland. The latest visitor statistics from the Central Statistics Office (CSO), show a very strong performance on trips, nights and spend by Republic of Ireland residents in Northern Ireland in the first nine months of 2023.
28 February 2024
Govt Removal Of Money Intended For NI Schools 'Act Of Vandalism'
The Alliance Party has described the UK Government's reprofiling of money originally intended for integrated and shared schools has "an act of vandalism". The Strangford MLA and Education spokesperson, Nick Mathison, was speaking after the party raised the matter with Education Minister Paul Givan in the Assembly Chamber.
Govt Removal Of Money Intended For NI Schools 'Act Of Vandalism'
The Alliance Party has described the UK Government's reprofiling of money originally intended for integrated and shared schools has "an act of vandalism". The Strangford MLA and Education spokesperson, Nick Mathison, was speaking after the party raised the matter with Education Minister Paul Givan in the Assembly Chamber.
22 May 2006
Domestic violence costs NI economy £90 million
The government has revealed that domestic violence is costing the Northern Ireland economy £90 million each year. Criminal Justice Minister David Hanson was today speaking at the launch of the publication of the government guidelines for employers to assist employees who have suffered domestic violence and abuse.
Domestic violence costs NI economy £90 million
The government has revealed that domestic violence is costing the Northern Ireland economy £90 million each year. Criminal Justice Minister David Hanson was today speaking at the launch of the publication of the government guidelines for employers to assist employees who have suffered domestic violence and abuse.
-
Northern Ireland WeatherToday:Cloudy with further outbreaks of rain this morning, heavy at times, especially over north Antrim. Becoming drier and brighter this afternoon with sunny spells and a few showers. Winds becoming light. Maximum temperature 9 °C.Tonight:Further showers this evening, some heavy, especially in the east, dying out early tonight. Then mainly dry with clear periods developing, leading to a touch of frost and icy patches. Minimum temperature -1 °C.