Ryanair has published its Q1 performance which has indicated record-breaking performance.
Q1 profits stood at €663m. This was a substantial increase from the year prior, which only saw €170m in the first quarter. Ryanair says that the effects of the Ukranian invasion largely impacted their performance for 2022.
Ryanair reported an 11% change in customers carrying 50.4 million passengers compared to 45.5 million for the prior year. Meanwhile, load factors rose three percentage points from 92% to 95%.
Revenue increased by 40%, reaching €3.65 billion, up from €2.6 billion from the prior year.
By FY34, Ryanair has set a target of creating over 10,000 new well-paid jobs for highly trained aviation professionals. New aircraft, including what is described as the game-changing 737-10, part of the MAX series, will make all this possible. Additionally, the purchase of simulators should also greatly aid the company.
The airline has faced significant disruptions with air traffic control shortages, but it was able to still have operational resilience by improving various aspects of the business.
Further growth at the company is also anticipated with the largest ever summer schedule, including 3,200 flights and up to 600,000 passengers moving through their aircraft daily. Belfast, Lanzarote and Tenerife will act as the three new bases with over 190 routes as part of this too. Ryanair wants to keep growing and fend off any competition from other low-cost carriers in the European space.