22 Oct 2018
Ryanair today (22 Oct.) reported a 7% fall in H1 profits (“PAT”) to €1.20bn (excl. Laudamotion losses). Average fares declined 3% due to excess capacity in Europe, an earlier Easter in Q1, repeated ATC strikes/staff shortages which caused a spike in cancellations of higher fare, weekend flights. Higher fuel, staff and EU261 costs have offset strong ancillary revenue growth.
| H1 Results (IFRS)* | Sep 30, 2017 | Sep 30, 2018 | % Change |
| Guests | 72.1m | 76.6m | +6% |
| Revenue | €4.43bn | €4.79bn | +8% |
| PAT | €1.29bn | €1.20bn | -7% |
| Net Margin | 29% | 25% | -4pts |
* excl. €45m exceptional H1 FY19 Laudamotion loss
Ryanair’s Michael O’Leary said:
“As recently guided, H1 average fares fell by 3%. While ancillary revenues performed strongly, up 27%, these were offset by higher fuel, staff and EU261 costs. Our traffic, which was repeatedly impacted by the worst summer of ATC disruptions on record, grew 6% at an unchanged 96% load factor.
H1 highlights include:
– Traffic grew 6% to 76.6m (LF 96%)
– Fare fell 3% to under €46
– Ancillary revenue rose 27% to €1.3bn
– Agreements signed with Irish, UK, Italian, Portuguese (pilots) & German (cabin crew) unions
– Laudamotion holding increased to 75%
– 23 new B737s delivered
– €540m returned to shareholders via buybacks
