Budget airline Ryanair has revealed it swung to an annual profit of €1.43billion (£1.24billion) after a bounce back in travel demand and higher air fares. Ryanair flagged cost pressures over the year ahead, with its fuel bill expected to surge by more than €1billion (£869 million) due to higher oil prices. The firm said it was “cautiously optimistic” it can grow profits modestly over the year ahead as it expects the ongoing recovery in travel and higher fares to help offset the fuel bill hit. Ryanair chief executive Michael O’Leary said: “To date, summer 2023 demand is robust and peak summer 2023 fares are trending ahead of last year. “This guidance remains heavily dependent upon avoiding adverse events during 2023-24, such as the war in Ukraine or further, repeated, Boeing delivery delays.”

Source: Irish Independent May 22, 2023 14:54 UTC