Ryanair has today reported that profits after tax rose 10% to €1.45 billion for its financial year to the end of March.

Today’s figures also show that despite last autumn’s flight cancellations, traffic grew 9% to over 130 million passengers, with the airline’s average fare falling 3% to €39.40

Although the airline has bought ahead 90% of its expected fuel needs for the current year, at $59 a barrel, the increase in oil prices is expected to add more than €400m to the airline’s fuel bill.

According to the results, non-fuel unit costs will rise by up to 6% due to increased staffing costs and business investment.The airline said it expects staff costs to rise by almost €200m, half of which will be accounted for by higher pay for front line people and half by additional headcount for growth.

Despite Ryanair’s profit increase and an expected increase of passenger traffic by 7% in financial year 2019, Michael O'Leary has said that the 2019 outlook is "on the pessimistic side of cautious".

Source: www.businessworld.ie