Ryanair has reported a full-year loss of €815 million for financial 2020 as the Covid-19 pandemic took a huge toll on the airline industry.

The figure compares to a profit of €1 billion in the previous year, and is the largest annual loss ever reported by the low-cost carrier.

The Irish airline carried just 27.5 million passengers last year, down 81 per cent from the 149 million in financial 2019.

Revenue at the carrier fell by 81 per cent, to €1.64 billion, over the year.

Due to the huge reductions in traffic and aircraft delivery delays, the group also recorded an additional €200 million ineffectiveness charge on fuel and currency hedges in 2021.

While no guidance was offered on financial results for 2022, Ryanair said it was optimistic the worst was now past.

“As we look beyond the Covid-19 crisis, and the successful completion of vaccination roll outs, the Ryanair Group expects to have a much-improved cost base and a very strong balance sheet,” explained a statement.

“We will also benefit from a reduced fleet cost for the next decade as we take more deliveries of our Boeing 737 Max aircraft which will materially improve revenues with four per cent more seats while substantially reducing unit costs, especially fuel.

“This will enable the group to fund lower fares and capitalise on the many growth and market share opportunities that are now available across Europe, especially where competitor airlines have substantially cut capacity or failed.”