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Ryanair profits on target despite lower fares, with more passengers and falling fuel costs


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Ryanair profits on target despite lower fares, with more passengers and falling fuel costs

Ryanair is forecasting record passenger numbers which should enable the low-cost airline to reach its annual profit target despite falling ticket prices.

Ryanair has cut fares in the face of strong competition and fewer people travelling following the security alerts after the Paris terrorist attacks in November. It plans to use savings from lower fuel costs to reduce its fares further, predicting they will fall six percent in the first three months of 2016

The airline said its forecast of eight percent more travellers for this year is heavily dependent on a strong Easter and the presumption there will be no major militant attacks in Europe.

Ryanair last year was the first airline in the world to carry 100 million international passengers and has now increased its forecast for its financial year to March 31 to 106 million from 105 million.

It also announced an 800 million euro share buyback over the next nine months, but said it had no plans to commit to a regular dividend or share buy back, and that these would be ad hoc.

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