27th Jul 2015 05:48
LONDON (Alliance News) - Ryanair Holdings PLC on Monday said its pretax profit in the first quarter of its financial year rose by 25% on the back of more passengers, higher revenue and better margins for the Irish budget carrier, prompting it to hike its pretax profit guidance for the full year.
Ryanair said its pretax profit for the three months to the end of June was up to EUR245 million, from EUR197 million a year earlier, on the back of a 10% rise in revenue to EUR1.65 billion from EUR1.50 billion. The group's net margin in the quarter improved to 15% from 13%.
Ryanair said it carried 28 million customers in the quarter, up 16% from the 24.3 million it carried a year earlier.
On the back of the results, Ryanair said it has raised its full-year traffic target to 103 million passengers from 100 million previously and said its pretax profit for the full year will be towards the upper-end of its previously-guided range of EUR940 million to EUR970 million.
The group did add, however, that meeting this guidance will be heavily-dependent on its second-half fare levels, over which it has "almost zero visbility" right now.
"We are pleased to report strong growth in traffic and profits in the first quarter. Our mix of low fares, best on time performance and enhanced customer experience under our 'Always Getting Better' programme, continues to attract millions of new customers," said Michael O'Leary, Ryanair's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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