Ryanair posts profit rise of 11% for first half

Ryanair has reported an 11% increase in profit to €1.29bn in the first half to September 30, 2017. Traffic grew 11% to 72m thanks to a strong Easter, traffic grew 11% with 5% lower airfares. Unit costs (including fuel savings) fell 5%, ex-fuel unit costs were flat. Operating activity in the first half generated over €935m of net cash. Ryanair used this for net capex of €675m, share buybacks of €639m, and debt repayments of €200m. Net debt rose from €244m at 31 March to €600m at 30 September. The airline says it doesn’t plan any more near term buybacks as it works to finish the fiscal year with a broadly flat net debt/cash position. Ancillary revenue grew 14%.