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Ryanair (RYA) +2.45% as revenue, passenger numbers soar
Budget airline Ryanair (RYA) made gains on Monday after it posted a narrower loss and sharp rise in revenue following the easing of travel restrictions.
Ryanair (RYA) closed 2.45% higher on Monday after its latest financial report showed that key metrics were all heading in the right direction as trading continues to bounce back from a COVID-19-driven slump.
The travel industry has been decimated by the pandemic during the last 18 months, but the lifting of travel restrictions and an uptick in demand have helped Ryanair to significantly reduce its net losses.
After being in the red to the tune of €411m a year ago, the Irish airline was able to deliver a deficit of just €48m in the six months to the end of September.
This was helped by an 83% spike in revenue of €2.15bn and a surge in traffic numbers, which rose 128% from a year ago to more than 39 million.
Ryanair said that its planes were 79% full during the latest trading period and that it had cut fares by 30% to generate demand around more affordable bookings for travellers.
Passenger numbers have been ticking steadily higher during the year and at the last count were at 11.3 million in October, which is 700,000 higher than September and far above the 4.1 million figure from October 2020.
Ryanair’s boss Michael O’Leary is confident that demand for bookings will not only hold through to Christmas but also strengthen in Easter and summer next year.
Ryanair is not out of the woods yet, though as it noted that it is short to medium-term prospects are “crucially dependent” on vaccine rollouts and no major COVID-19 setbacks during the winter.
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