Ticket price hikes help Ryanair hit record £185m profit
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Ticket price hikes help Ryanair record record £185m profit in last three months of 2022
Ryanair made record profits over Christmas and New Year after driving up ticket prices.
The low-cost carrier posted a profit of £185 million in the last three months of 2022. That was the highest profit ever for that quarter.
Ryanair customers were hit by higher air fares, 14 percent above pre-pandemic levels.
Price hikes: Ryanair boss Michael O’Leary (pictured) said his company faced significant increases in fuel costs and staff costs this quarter
Boss Michael O’Leary said his company faced significant increases in fuel and labor costs this quarter.
But passengers were not deterred, with O’Leary, 61, saying they released ‘strong pent-up demand’ over the October half term, Christmas and New Year.
In the last three months of 2022, Ryanair carried 38.4 million people, compared to 31.1 million years earlier when airlines were devastated by Covid. Total turnover increased by 57 per cent to £2.3 billion.
And Ryanair became the latest airline to predict a great summer. O’Leary said Easter and summer bookings were strong.
American and Asian tourists are flocking back to Europe and will use Ryanair to hop across the continent, he added.