Ryanair has recorded record full-year earnings, but has warned growth of its profits will be much slower over the next 12 months.
The largest budget airline in Europe, the company has posted a net profit of €569 million (£480 million) for the year to March, an increase of 13 per cent and higher than forecasts by industry experts.
However, it warned profit for the coming financial year will be no higher than €600 million - which would be a five per cent increase – and could be flat at €570 million.
In a statement, chief executive Michael O'Leary said: "With almost zero yield visibility into [the second half of the year] and the EU-wide recession, we expect that there will continue to be downward pressure on yields which will dampen full-year profit growth."
Ryanair ordered 175 new jets from Boeing in March, but will not receive these until 2014. It expects to see a three per cent increase in passenger numbers over the next 12 months, which would be a slight fall from the five per cent rise for the year to March.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.