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Ryanair profits soar 66% to €867 million

Staff writer |
Ryanair's annual profit jumped by 66% to €867 million, in line with analysts' expectations. Pretax profit increased 66% to €982 million.

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Passenger numbers rose 11% to 90.6 million, outstripping a targeted increase of 4%. Ryanair predicted it would serve about 100 million passengers this year.

Ryanair launched its "always getting better" strategy in late 2013 to improve services after customers tired of its punitive charges and inflexible policies. Improvements have included reduced fees, more carry-on baggage and allocated seating. It has also sought to woo business passengers.

The move to stop "unnecessarily pissing people off", in the words of chief executive Michael O' Leary, coincided with two profit warnings in late 2013. Ryanair admitted it had failed to keep up with the expectations of consumers who turned to its more passenger-friendly low-cost rival, easyJet.

Mr. O'Leary, said: "This 66% increase in net profit demonstrates the enduring strength of Ryanair's lowest fare/lowest cost model which has been transformed by the success of our ‘always getting better' (AGB) customer experience programme. AGB has attracted millions of new customers to Ryanair."


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