Ryanair hit the jackpot this summer, reporting a staggering profit of €1.72 billion (£1.51 billion) after tax in just the second quarter of their financial year. This impressive feat covers the bustling travel months of July, August, and September, where Europe's budget airline championed efficiency and profitability.
Over these sun-soaked months, the airline successfully transported an impressive 61.2 million passengers, pocketing an average of £24.67 per traveler. With the "load factor" climbing up to 96%, Ryanair flights were nearly packed to capacity, leaving just a handful of seats empty on each journey. Meanwhile, average one-way fares saw a 6.5% rise, reaching €65 (£57).
Michael O’Leary, the outspoken CEO of Ryanair Group, had this to say about the future: "We expect European short-haul capacity to remain constrained to at least 2030 as the big 2 OEMs [Airbus and Boeing] remain behind on aircraft production." This means that the demand for seats is outpacing supply, which could keep airfares on an upward trajectory for the foreseeable future.