has announced record traffic and profit growth for the year (end 31 Marå‘03). Passenger traffic for the year grew by 42% to 15.7m as average load factors increased from 81% to 84%, primarily due to a 6% reduction in average fares.
This reduction in yields was a result of continuing price promotions, the launch of over 20 new routes, a new base in Milan-Bergamo, and Ryanair’s commitment to offer the lowest fares in every market it serves. Total revenues in the year rose by 35%, however operating costs rose at a slower rate by 26%. As a result Ryanair’s after tax margins increased exceptionally from 24% to 28%, and Net Profit increased by 59% to €239.4m.
Announcing these results, Ryanair’s Chief Executive, Michael O’Leary commented: “These results demonstrate how robust Ryanair’s lowest fares business model is in Europe. Our fares are much lower than any other EU airline and our outstanding team of 1,900 people remain committed to relentlessly driving down air fares. As our people now form one of our largest shareholder blocks, I am delighted that their efforts are being rewarded, not just with higher pay and rapid promotion, but also with increasingly valuable share options.
“We will continue to lower costs and we will use these low costs and record profit margins to drive down fares even faster and stimulate rapid growth”.
For full results: click here