Ryanair has reported soaring annual profits of €1.5bn (£1.3bn) for the financial year ending 31 March 2018. The profits rose 10% with an unchanged net margin of 20 per cent, despite a three per cent cut in air fares, rising fuel prices, and the recovery from last year Sept. 2017 rostering management failure forcing 20,000 flights being cancelled.
The revenue climbed 8 per cent to €7.15 from €6.65 during the corresponding financial year of 2016/17 and the passenger numbers increased by 9 per cent to 130 million during the same period.
However, the world’s 2nd largest budget airline, Ryanair warns, the profits for current fiscal year could fall to between €1.25 billion and €1.35 billion because of higher fuel prices and lower fares.
Regarding Brexit, the Chief executive Michael O’Leary said, “We intend to restrict the voting rights of all non-EU shareholders in the event of a hard Brexit, so that we can ensure that Ryanair is majority owned and controlled by EU shareholders at all times to comply with our licences.”…”This would result in non-EU shareholders not being able to vote on shareholder resolutions. In the meantime, we have applied for a UK AOC [air operating certificate] which we hope to receive before the end of 2018” he added.