herald

Tuesday 17 October 2017

O'Leary sees strong growth as profits soar

aviation

Ryanair's profits for its current financial year will be at the upper end of the €620m to €650m guidance the company gave in August, the airline predicted yesterday.

Such a result would be a significant improvement on last year's figure of €523m.

The company also predicted its traffic will rise to 87 million passengers this year, up from a previous prediction of 86 million.

Earlier this month the airline signed a deal to purchase 100 new aircraft from Boeing, with an option to purchase 100 more.

rivals

Chief executive Michael O'Leary said he believes the order "puts the company on a platform for very strong growth over the next five to ten years with an improving customer experience and a lot of very positive feedback from our passengers."

Mr O'Leary said the gap between Ryanair and its rivals is widening when it comes to fares.

"We're using that strong platform to continue to roll out more growth in new routes, new bases across Europe... we expect over the next five years to grow to something close to 112 or 115 million passengers," he added.

All of the company's directors were re-elected at yesterday morning's AGM, despite concerns raised about some board members by shareholder advisory group PIRC.

"We've already taken on board the concerns," Mr O'Leary said.

"That's why there's three pages in the annual report, which addresses the independence of the directors, chief executive remuneration and the others."

"Some of the proxy companies just want to make PR by running around issuing statements, they clearly have no support... shareholders have taken it on board and regarded those directors as independent."

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