Ryanair has reported a 42% rise in half-year profits on the back of a hike to fares.
The no frills carrier, which is Europe’s largest airline by passenger numbers, said profit after tax in the six months to the end of September came in at €2.54bn (£2.2bn).
The better than expected sum followed a second quarter recovery for fares – the cost of a seat before add-ons – in the wake of a 7% decline across its last financial year.
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Ryanair said that revenues per passenger were up 9% over the six months, helped by a 13% rise in fares and higher revenues from additional things like baggage fees and seat selection.
It reported record passenger numbers of 119 million for the half year – the summer season that tends to be the most profitable – and guided that fares, despite some discounting, were on track to end the financial year on a positive footing.
The airline raised its passenger traffic forecast due to earlier than expected deliveries of more efficient Boeing aircraft and strong first-half demand.
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Ryanair said it expected to fly 207 million passengers in the year to the end of March, up from an earlier forecast of 206 million.
Group chief executive Michael O’Leary said: “While Q3 forward bookings are slightly ahead of (PY) prior year, particularly across the Oct. mid-term and Christmas peaks, we would caution that we face more challenging PY fare comps in H2 (second half) making fare growth more challenging”.
