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Ryanair profits surge as fares rise by a quarter

Ryanair has reported a jump in profits after pushing up fares in the face of strong demand for summer air travel.

The no-frills airline said passenger numbers rose 11% to a record 105.4 million in the six months to September, despite average fares rising by 24%.

That helped the carrier to report a near-60% rise in profits for the period to €2.18bn (£1.9bn). Airlines have seen a post-Covid surge in demand for flights, and Ryanair is set to report record annual profits.

"We're pleased to report strong half year results... due to a very strong Easter [and] record summer traffic," said Ryanair's group chief executive Michael O'Leary.

The increase in air fares - which climbed to an average of about €58 (£50) - helped the airline to offset higher fuel costs.

Ryanair predicted that fares would see "mid-teens percentage" rises during the last three months of 2023, with air capacity across Europe still below pre-Covid levels.

This article originally appeared on BBC News.

Photo: Reuters

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