Ryanair has reported first-quarter (Q1) profits of €663 million, compared to a Ukraine-affected prior year Q1 PAT of €170 million thanks to a strong Easter, the extra UK (Coronation) public holiday in May and weak PY comps. due to Russia's invasion of Ukraine in Feb. 2022 which damaged last year's Q1 traffic and fares.
Q1 scheduled revenues increased 57% to €2.47 billion. Traffic grew 11% to 50.4 million and average fares rose 42% to €49 thanks to a strong Easter (the PY Q1 was badly affected by the Ukraine invasion of Feb. 2022) and an extra UK (Coronation) public holiday in May. Ancillary revenue increased 15% to €1.18 billion (c.€23.30 per passenger). Total Q1 FY24 revenue therefore rose 40% to €3.65 billion. Total operating costs increased 23% to €2.94 billion, primarily due to higher fuel (+30% to €1.34 billion), staff costs (reflecting restoration of pay cuts, pre-agreed pay increases and higher crewing ratios as we invest in op. resilience) and higher ATC fees (incl. in airport & handling charges).
FY24 fuel requirements are almost 85% hedged at approx. US$89bbl (with a mix of swaps and caps) and FY25 hedging has increased to 27% at approx. US$74bbl. Over 90% of FY24 €/$ opex is hedged at 1.08 and approx. 50% of FY25 is hedged at 1.12. Our B-8200 “Gamechanger” order book is fully hedged at €/$1.24 (locking in significant cost savings as the airline take delivery of these more fuel efficient and quieter aircraft). (£1.00 = €1.16 at time of publication).
