The budget airline saw an increase in demand for tickets compared to their pre-pandemic levels in 2019 despite now the cost being higher.
Profits hit the record high between the six month period leading up to September 30 after losing £42 million in the same timeframe in 2021. Sales went up to £5.7 billion - a tripling of last year’s - after taking 95.1 million passengers to their destinations, compared to 39.1 million.
Michael O’Leary, their CEO told the Guardian he expected their prices were expected to rise as they went into 2023 and that was not impacting the demand for flights from US, European and UK markets.
He detailed that “the competition are all cutting capacity – Lufthansa, IAG, Air France – are exposed to higher oil prices. If capacity keeps falling we’ll see fares rise again by somewhere between five per cent and 10 per cent.”
Michael added: “The Americans are booking very strongly into next year because of the strong dollar, and the Asians look like they are going to return to travelling Europe next year because of the lifting of Covid restrictions,”
“We’ve been surprised: we were expecting like everyone else, into October fares would come off, with recession, higher interest rates, energy prices. But there’s no sign of it – we’re talking about recession but we’re essentially at full employment … people are still spending.”
He also refuted claims he was worried about any looming recession and the incoming threats to the industry from politicians pushed to act about the climate crisis after it was revealed Ryanair is the biggest airline polluter in Euorpe