Ryanair has reported record annual profits of €1.9 billion (£1.6 billion) and announced the appointment of former UK Home Secretary Amber Rudd to its Board. Additionally, the airline indicated that summer fares would be lower than previously anticipated.
The airline’s profits after tax rose by over a third in the year ending March, compared to the previous year, driven by a 9% increase in passenger numbers to 184 million—23% higher than pre-pandemic levels.
The Dublin-listed company projected carrying up to 200 million passengers in the current financial year. However, it noted that recent pricing has been lower than expected. While Ryanair anticipated prices to be “flat to modestly ahead of last summer,” softer recent pricing trends have necessitated offering lower fares to attract customers.
Ryanair’s strategy to enhance passenger numbers and reduce fuel consumption per passenger has been challenged by issues with the U.S. aircraft manufacturer Boeing. The airline expects to receive 12 new Boeing 737 Max aircraft between March and July, although it will be 23 aircraft short of the contract due to ongoing safety-related delays in deliveries.
Amber Rudd, who has a background as an investment banker and served as the Energy and Climate Change Secretary under David Cameron, has also worked with public relations firms, advised the cybersecurity company Darktrace, and served on the board of British Gas owner Centrica. She will join Ryanair as a non-executive director on 1 July. (€1.00 = US$1.08 at time of publication).
