Ryanair narrows guidance for FY losses
By Michele Maatouk
Date: Monday 04 Apr 2022
(Sharecast News) - Ryanair narrowed the range for its annual loss guidance on Monday as it reported a recovery in traffic.
The budget airline now expects a pre-exceptional loss of between €350m and €400m for the year to the end of March 2022, versus previous guidance of between €250m and €450m. The company said full-year traffic recovered strongly to more than 97m from 27.5m in FY21, although it was still below pre-Covid traffic of 149m.
Ryanair said its balance sheet was "one of the strongest in the sector", while year-end net debt declined to €1.5bn from €2.3bn a year earlier. In addition, around 90% of its fleet of B737 aircraft are unencumbered.
The airline also said that since its last update at the end of January, it increased FY23 fuel hedging to 80% cover, with around 65% locked in at $630 per metric tonne through jet swaps and 15% caps at $775.
The new guidance range came alongside traffic figures, which showed that Ryanair carried 11.2m passengers in March, up from 0.5m during lockdown in March 2021. Still, traffic was impacted by Russia's invasion of Ukraine, which caused 2,000 flights to/from Ukraine to be cancelled due to airspace closures.
The load factor, which measures how full the planes are, improved to 87% in March from 77% in the same month a year earlier. On a rolling 12-month basis, traffic increased to 97.1m from 27.5.
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