Image Source: Luc Verkuringen

Ryanair optimistic about “strong recovery” following 196% revenue surge

Budget airline Ryanair has announced it is hopeful for a “strong recovery” following a surge in bookings over recent months.

In its trading update for the first quarter of 2021, the firm saw a 196 per cent increase in revenue as well as customer numbers rising from 500,000 to 8.1 million.

The firm was hit by the cancellation of Easter flights as well as delays to the lifting of travel restrictions, however it is optimistic about the potential for summer growth.

Ryanair Holdings Group CEO, Michael O’Leary, commented: “Covid-19 continued to wreak havoc on our business during Q1 with most Easter flights cancelled and a slower than expected easing of EU Govt. travel restrictions into May and June.

“Significant uncertainty around travel green lists (particularly in the UK) and extreme Govt. caution in Ireland meant that Q1 bookings were close-in and at low fares.

“We kept aircraft and crews current throughout the quarter and recruited additional cabin crew to enable us recover quickly in Q2 as Covid restrictions ease. The July 1 rollout of EU Digital Covid Certificates (“DCC”) and the scrapping of quarantine for vaccinated arrivals to the UK from mid-July has seen a surge in bookings over recent weeks.

“We are encouraged by the high rate of vaccinations across Europe. If, as is presently predicted, most of Europe’s adult population is fully vaccinated by Sept., then we believe that we can look forward to a strong recovery in air travel for the second half of the fiscal year and well into S.22 - as is presently the case in domestic US air travel.”

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