O’Leary forecasts higher long-term growth despite Brexit uncertainty
Ryanair has raised its long-term growth forecast by 10% after reporting a 7% jump in first-half profits.
The airline now expects to carry over 200 million passengers a year by March 2014, instead of its earlier prediction of 180 million.
In this financial year, it expects to carry just over 119 million.
"Despite the uncertainty of Brexit, Ryanair believes that we can deliver profitable growth across Europe by controlling costs, lowering airfares, and maximising load factors in a manner that will most benefit our customers, our people and our shareholders," it said today.
But in the UK, it still plans to scale back growth this year due to weaker Sterling, expected slower GDP growth and market uncertainty.
Planned UK growth will be reduced from 12% to around 5% in 2017, with the airline switching focus to other countries like Italy, Germany and Belgium.
CEO Michael O’Leary said: "We remain cautious in our outlook for FY17. We have delivered a strong first half but weaker air fares and Brexit uncertainty will be the dominant features of the second half."
The airline reported a 7% rise in half-year profits to €1,168m with a 12% jump in traffic to 65 million customers and a 2% jump in load factor to 95%. Average fares fell 10% to €50.
O’Leary said this was a ‘creditable performance in difficult market conditions’, including repeated ATC strikes, terror events, and the impact of the Brexit vote on the pound.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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