Ryanair keeps profit guidance, though March traffic halves

Ryanair keeps profit guidance, though March traffic halves

Results in 2020 for the low-cost carrier will fall at the lower range of prior guidance issued in January to account for the effects of the coronavirus epidemic that has led the airline to ground most of its fleet.

Ryanair has released its traffic statistics for March, revealing that the company's total traffic declined 48% to 5.7 million customers from 10.9 million in March of 2019, with a load factor of 91%. Ryanair is now only a little more than twenty flights a day to more than 2,500 in the case of the new corona virus.

On a rolling annual basis, the group's passenger numbers edged up by 4% to 148.6 million. We therefore expect to record ineffectiveness on our full-year 2021 fuel hedges as an exceptional item in our 2020 results.

Ryanair has also enacted various cost-cutting measures to deal with the expected loss of revenue.

Last month it deferred all capital expenditure and share buybacks, froze recruitment and cut pay by 50%.

"This is due to the response of European Union governments to the spread of the Covid-19 virus, which have since mid-March included widespread flight bans and travel restrictions which have closed Europe's skies to all but a tiny number of rescue and medical flights", the company told shareholders on Friday.

The wider airline industry faces one of the biggest crises in its history, sparking calls for government bailouts in Britain and around the world.

He also expects Ryanair to book further exceptional charges stemming from fuel hedging in the first quarter of the financial year which has just started.

"We will comply with these restrictions at all times", it said.

Due to the continuing uncertainties of the current crisis, Ryanair added that it could not provide earnings guidance for the coming financial year.

Ryanair said it has a strong balance sheet, with year-end cash equivalents of EUR3.8 billion and 77% of its owned fleet unencumbered and debt free.

Related Articles

  • Trump will fire intelligence watchdog at center of impeachment episode

    Trump will fire intelligence watchdog at center of impeachment episode

    He has weighed for months removing Atkinson, whom he picked for the job in late 2017, but has been periodically talked out of it. The president sent a letter to Congress on Friday saying the firing of Michael Atkinson will take effect in 30 days.
    HBO offers hundreds of hours of free programming

    HBO offers hundreds of hours of free programming

    However, Greenblatt said the move was not meant to be a part of that marketing push, which will ramp up in the next few weeks. The shows will be available on HBO's two current streaming platforms, HBO Go and HBO Now.
    Democrats and White House working on fourth economic relief package

    Democrats and White House working on fourth economic relief package

    However, at the time , there were already 500 cases of COVID19 in the country with 17 deaths. US lawmakers stuck to party lines on the latest feud between Trump and Pelosi .
  • Queen to address country over Covid-19

    Queen to address country over Covid-19

    The televised address will be a rare event, with the head of state only making three previous appearances during troubled times. Buckingham Palace revealed that the speech would be played on TV, radio as well as the royal family's social media channels.
    Jordan NBA documentary finished early for April debut

    Jordan NBA documentary finished early for April debut

    The documentary series, which was originally scheduled to debut in June, will also be available outside of the US on Netflix .
    Apple's new 'iPhone SE' may launch today, April 3

    Apple's new 'iPhone SE' may launch today, April 3

    A launch event for the entry-level model is scheduled for April 15, adding to industry murmurs that the release is imminent. Best Buy and other retailers received stocks of accessories for a 4.7-inch iPhone 2020, but were unable to list it online.
  • Number of New York Coronavirus Deaths Rose by 630, Governor Cuomo Says

    Number of New York Coronavirus Deaths Rose by 630, Governor Cuomo Says

    "But there's part of me that says it's good that we're not at the apex because we're not yet ready", Cuomo said . Some upstate NY officials have criticized the plan to move ventilators, saying it puts rural hospitals at risk.
    Chris Cuomo on 'freaky' coronavirus symptoms: 'I was up all night'

    Chris Cuomo on 'freaky' coronavirus symptoms: 'I was up all night'

    Despite trading a healthy dose of brotherly barbs throughout the talk, the pair ended the call with a pair of "I love you" s. CNN prime-time host Chris Cuomo also has COVID-19, and twice this week did shows remotely from the basement of his home.
    Covid-19: Trump to meet oil executives over falling prices, price war

    Covid-19: Trump to meet oil executives over falling prices, price war

    Brent crude for June settlement fell 3.6% to $25.40 after dropping 7 cents in the previous session. USA crude stockpiles rose 13.8 million barrels in their biggest weekly increase since 2016.
  • Antonio Brown Facing Three Criminal Charges

    Antonio Brown Facing Three Criminal Charges

    A seven-time Pro Bowler, Brown has lobbied for teams to sign him since the New England Patriots released him early last season. The misdemeanor battery charge, however, states Brown was "actually and intentionally striking" the driver against his will.
    Search underway for Kennedy Townsend's daughter, grandson

    Search underway for Kennedy Townsend's daughter, grandson

    Kennedy's son, David, died of a drug overdose in 1984, and another son, Michael, died in a skiing accident in the late 1990s. Kennedy . "At this time, our family asks for privacy and that everyone keep Maeve and Gideon in their prayers", they said.
    PM Modi to share video message on Friday morning

    PM Modi to share video message on Friday morning

    The government also launched a mobile app, "Aarogya Setu", to help people assess themselves the risk of catching coronavirus. Time is now for all different ideologies to unite to defeat the enemy of mankind", PM said, as quoted by the Arunachal CM.