Ryanair’s chief executive has forecast that travel demand in Europe will be boosted by US and Asian tourists this summer, after the low-cost airline reported record profits despite the economic crisis.
Michael O’Leary said early bookings showed that Europe’s largest airline was on track for a “strong” summer. He added that the relative strength of the US dollar and the end of restrictions have encouraged long-haul travelers to book trips to Europe again.
“It’s been looking strong this summer,” he said. “We believe we will see strong demand through Easter and summer 2023 for short-haul flights across Europe.”
Ryanair on Monday reported a profit after tax of €211 million in the three months to the end of December, against a loss of €96 million a year earlier, when border restrictions still hampered travel.
The result was a record for the December quarter, analysts at Bernstein said, and came after passengers paid fares 14 percent higher than the same quarter three years ago, before Covid-19 hit.
Ryanair reiterated its after-tax profit forecast of between €1.325bn and €1.425bn for the financial year ending in March.