- Ryanair Holdings PLC (NASDAQ:RYAAY) reported FY23 revenue growth of 124% Y/Y to €10.78 billion.
- The company posted a net profit of €1.43 billion, vs. a net loss of €355 million a year ago, slightly better than the consensus of €1.425 billion per Reuters.
- Scheduled revenues were up 161% Y/Y to €6.93 billion, led by traffic growth of 74% Y/Y to 168.6 million customers and a 50% Y/Y uptick in average fares to €41.
- Ancillary revenue rose 79% Y/Y to €3.84 billion on higher traffic and a solid performance in priority boarding, in-flight sales, and reserved seating.
- The load factor improved to 93%, compared to 82% in FY22.
- Operating costs increased 75% Y/Y to €9.20 billion on higher fuel costs (+113% Y/Y to €3.90 billion).
- Net cash generated by operating activities for FY23 totaled €3.89 billion. As of March 31 2023, net cash stood at €0.56 billion vs net debt of €1.45 billion a year ago.
- The company’s fuel needs are around 85% hedged at approximately $89bbl for FY24, and 25% of H1 FY25 is covered at $77bbl.
- As a part of its goals of equipping 12.5% of its flights with sustainable aviation fuel by 2030, the company recently signed/expanded deals with Repsol SA (OTC:REPYY) in Spain and Portugal, OMV AG (OTCPK: OMVKY) in Austria, Germany and CEE, Neste Corp (OTCPK: NTOIY) in Schiphol and Shell PLC (NYSE:SHEL) in London and Dublin.
- Also, earlier this month, the company disclosed ordering 300 new 737-MAX-10 aircraft from Boeing Co (NYSE:BA) for $40 billion.
- FY24 Outlook: Ryanair plans to grow traffic to around 185 million (+10% Y/Y). However, the company thinks Boeing’s recent delivery delays may push the growth target to lower profitable H2 FY24 and reduce it slightly.
- The company expects FY24 revenues to increase sufficiently, covering over €1 billion rise in fuel costs, thereby leading to a modest increase in profits.
- “Through A4E, and the EU, we are campaigning to accelerate reform of European ATC to eliminate avoidable flight cancellations/delays (something urgent in light of repeated French ATC strikes in Q1), which will substantially lower fuel consumption and CO₂ emissions,” commented CEO Michael O’Leary.
- Price Action: RYAAY shares are trading higher by 1.00% at $101.29 premarket on the last check Monday.
- Photo via Wikimedia Commons
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