The Guardian - Kalyeena Makortoff
Ryanair made record third-quarter profits as the budget airline benefited from pent-up travel demand from cost-conscious customers.
The budget airline increased its full-year profit guidance after the strong performance, as profit after tax surged to €211m (£185m) between October and December. That is compared with a loss of €96m during the same period in 2021 and more than double its €88m profit in the same three months in 2019, before the pandemic.
Sorahan said the airline was able to maintain its low prices thanks to the fact it had hedged the cost of fuel. About 80% of its expected fuel use for 2023 has been hedged to date, Ryanair said.
Ryanair reiterated its full-year profit guidance of between €1.3bn and €1.4bn. Over the weekend, Ryanair started capitalising on the collapse of the regional UK airline Flybe, which left passengers stranded and hundreds of crew without jobs. Ryanair has set up fast-track hiring and planned a recruitment drive for ex-Flybe staff at Birmingham airport for 2 February.