Ryanair sees profits soar but predicts massive losses for 2020

Ryanair has reported a 13% increase in profits to 1 billion euros (£890 million) for the year ending March but warned that it faces a “difficult” year ahead following the impact of coronavirus.

The discount airline said it saw an increase in passengers for the full year but has operated fewer than 1% of its scheduled flights since the start of April.

It also expects to announce a loss of more than €200m in the first quarter of this year.

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It also told investors that it has sufficient funds to “weather Covid-19 and emerge stronger when the crisis passes”

Ryanair - PA photoRyanair - PA photo
Ryanair - PA photo

A spokesperson said: "Unlike many flag carrier competitors, Ryanair will not request or receive State Aid.

"Consultations about base closures, pay cuts of up to 20%, unpaid leave and up to 3,000 job cuts (mainly pilots and cabin crew) are under way with our people and our unions.

"Given the uncertainty over the impact and duration of the Covid-19 pandemic, coupled with no visibility on what customer behaviour and demand will be following a return to service, Ryanair cannot provide FY21 PAT guidance at this time.

"The Group currently expects to carry less than 80m passengers in FY21 (almost 50% below its original 154m target). "

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