Michael O’Leary, CEO, Ryanair, elaborated, “We are pleased to report a 10 percent increase in profits, with an unchanged net margin of 20 percent, despite a three percent cut in air fares, during a year of overcapacity in Europe, leading to a weaker fare environment, rising fuel prices, and the recovery from our September 2017 rostering management failure.”
O’Leary also outlined 2017 highlights including traffic growing nine percent to over 130 million, despite the grounding of 25 winter aircraft, with Germany, Italy and Spain being Ryanair’s three largest growth markets. The airline’s average fare fell three percent to EUR39.40.
This year, meanwhile, has already seen Ryanair take delivery of 50 new Boeing B737s, and increasing its Boeing order to 135 firm MAX-200 Gamechangers, with a further 75 under option.
The airline has, in addition, opened four bases in Burgas (Bulgaria), Memmingen (Germany), Naples (Italy) and Poznan (Poland) and launched over 260 new routes.