Ryanair report increased profits

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Low cost carrier Ryanair has reported a 6% increase in full year net profit to €1.316bn. The figures were announced today, May 30. The combination of a cut in average fares, coupled with year 3 of the ‘Always Getting Better’ (AGB) programme delivered 13% traffic growth to 120m customers, and a 94% load factor. Unit costs fell by 11% (ex-fuel down 5%).

Ryanair’s CEO Michael O’Leary said: “We are pleased to report a 6% increase in PAT to €1.316bn, despite difficult trading conditions in FY17 caused by a series of security events at European cities, a switch of charter capacity from North Africa, Turkey and Egypt to mainland Europe, and a sharp decline in Sterling following the June 2016 Brexit vote. We reacted to these challenges by improving our customer experience, and stimulating growth with lower fares.”



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