Ryanair's huge profits
Ryanair’s £150m FY profit ‘in the bag’
According to Ryanair chief executive, Michael O’Leary, the airline’s financial result for the full year to end-March is ‘going obscenely well’ and it remains on target to achieve €230m (£151m) net profit.
Speaking at a press conference to publicise Ryanair’s new base at Milan-Bergamo, O’Leary said: ‘In the first half we announced revenue up 50% and profit up 71% and increased the guidance for the full year to €230m. The latest December passenger figures were up 64% and we are still on target to hit the revised €230m. The year is in the bag now.’
Full year passenger numbers are expected to reach 20m, up from 15m-16m in the previous 12 months, which would make Ryanair the fourth biggest European airline after Lufthansa, British Airways and Air France.
O’Leary added that by summer 2004, Ryanair hoped to have opened a second base in Italy, at which time it would start to operate domestic routes in the country.
The airline also expects to announce the location of its next European hub at the end of this month. It has earmarked two airports in each of Italy, Germany, Sweden and the UK, but O’Leary narrowed it down to a choice between Scandinavia and Germany.