Ryanair reports bumper profits as it enjoys ‘pent-up travel demand’

By Danny Halpin, PA

Ryanair has reported profits of €211 million for the last three months, nearly triple its profits for the same period pre-Covid.

The budget airline said “pent-up travel demand” over the October half-term and Christmas holidays has led to a bumper quarter.

For the same quarter pre-Covid, it made €88 million and this year it said passenger numbers are 7 per cent higher than before the pandemic, with 38.4 million using the airline from October-December.

Ryanair has also announced 230 new routes and said it is expanding in Italy, Poland, Ireland and Spain, while more than 95 per cent of crews have also had their pay cuts restored by agreement, the company added.

Michael O’Leary, Ryanair’s chief executive, said his company has added a further 11 aircraft to its Gamechangers fleet, which has 4 per cent fewer seats and uses 16 per cent less fuel.

He also said that an investment of more than $200 million dollars will save 1.5 per cent of fuel by retrofitting existing aircraft with scimitar winglets.