Ticket price hikes help Ryanair hit record £185m profit in last three months of 2022
Ryanair made record profits over Christmas and New Year after jacking up ticket prices.
The budget carrier posted a profit of £185million in the last three months of 2022. It was its highest profit ever for this quarter.
Ryanair customers have been hit with higher airfares, 14% above pre-pandemic levels.
Rising prices: Ryanair boss Michael O’Leary (pictured) said his company faced significant increases in the cost of fuel and staff during the quarter
Boss Michael O’Leary said his company faced significant increases in the cost of fuel and staff during the quarter.
But passengers were undeterred, with O’Leary, 61, saying they unleashed “strong pent-up demand” during the October midterm, Christmas and New Year holidays.
In the final three months of 2022, Ryanair carried 38.4m people, up from 31.1m the year before when airlines were devastated by Covid. Overall sales jumped 57% to £2.3bn.
And Ryanair has become the latest airline to forecast a bumper summer. O’Leary said Easter and summer bookings were strong.
American and Asian tourists are flocking to Europe and will use Ryanair to circumnavigate the continent, he added.