Ryanair has raised its earnings forecasts following a record-breaking year that saw higher-than-expected demand for flights over the Christmas and New Year’s holidays.
The low-cost carrier said on Wednesday that it expects profit after tax to be between €1.325 billion and €1.425 billion in its current fiscal year, which ends in March, up from a previous guidance range of €1 billion to €1.2 billion.
Ryanair was able to raise its forecasts following a successful holiday season in which it carried more passengers than expected while charging comparatively high prices.
People’s desire to travel has so far outlasted the cost-of-living crisis and runaway inflation, despite many airlines raising ticket prices.
It also stated that it expects to lose money in the first three months of the year, which is traditionally its weakest quarter because the busy Easter travel season occurs only in April.
The airline also mentioned a “recent softening” in demand for flights out of the UK, which could be an early indication that travel demand will soften outside of peak travel seasons like Easter and summer.