Ryanair expects loss of €350-€400m despite traffic recovery

Ryanair expects to report a net loss of €350-€400 million for the full year despite a strong recovery in traffic levels.

The company briefed the market of the pre-exceptional loss for the 12 months ended March 31st, 2022, on Monday. Its previous guidance was a loss of €250-€450 million.

The Ryanair group’s full-year traffic recovered strongly to over 97 million. That was up from 27.5 million in the full year 2021, but below pre-Covid traffic of 149 million.

Ryanair said its balance sheet was “one of the strongest in our sector” with a BBB (stable) credit rating from S&P and Fitch.

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Its net debt dropped to €1.5 billion from €2.3 billion the previous year. About 90 per cent of the group’s fleet of B737 aircraft are unencumbered.

The airline carried 11.2 million passengers in March, which was up from just 500,000 from the same month last year. It operated over 67,800 flights in March with an 87 per cent load factor.

It said March traffic was impacted by the Russian invasion of Ukraine which caused 2,000 flights to/from the country to be cancelled due to airspace closures.

Since its last market update on January 31st, Ryanair has increased fuel hedging for the full year ending March 31st, 2023, to 80 per cent cover (about 65 per cent jet swaps at $630 and 15 per cent caps at $775 per metric tonne).

Almost 10 per cent of Ryanair’s fuel requirements for the first half of 2024 are hedged at $760 via jet swaps.

The group’s next market update will be on May 16th when it publishes full year 2022 results.