Irish carrier enjoying strong Christmas bookings
Ryanair is seeing strong bookings in the run up to Christmas, according to its chief executive, Michael O'Leary. Photographer: Chris Ratcliffe/Bloomberg
Speaking to analysts after reporting the results, Michael O’Leary, the group’s chief executive, said rivals had yet to recover their full pre-Covid capacity while an issue with engines could ground some of their planes next year. Mr O’Leary pointed out that the Pratt and Whitney is fundamentally an Airbus engine, while Ryanair flies Boeing 737s. “We expect material grounding of competitors’ aircraft in 2024,” he said.
However, he pointed out that Ryanair had a significant cost advantage over rivals, which was continuing to grow, while its capacity had already overtaken pre-Covid levels. Ryanair expects profits to reach between €1.85 billion and €2.05 billion in its current financial year, which ends on March 31st. He pointed out that the group had less visibility over the traditionally slower three months to March 31st, which is the final quarter of its financial year.
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