Shares in budget airline Ryanair are up this morning (February 3rd) after the Irish company revealed its latest financial results.
Even though the firm announced that it made a loss in the last three quarters of 2013, passenger numbers were up and this convinced investors that the company has a bright future.
Ryanair confirmed that between October and December last year, its average fares were nine per cent lower, which led to a 35 million euro (£28.8 million) loss for the quarter.
But passenger numbers were up by six per cent in the three-month period, indicating than Ryanair is still one of the most popular airlines for travellers from the UK on a budget.
Chief executive Michael O'Leary said seat promotions and lower fares are among the factors to have contributed to the increase in passengers flying on Ryanair planes in the last quarter.
"Our Q3 loss of 35m euros is in line with previous guidance," he added.
Ryanair also used its latest financial results to confirm that initiatives such as allowing passengers to take a free small second carry-on bag have been rolled out by the company, as well as the introduction of a 24-hour grace period to correct minor booking errors.
Although travellers enjoy the low fares offered by Ryanair, their customer service has often been criticised, while the company's extra fees have often bumped up the final price for travellers. The firm's basic website has also been a reason for passengers to have been unhappy with service provided in the past, but Ryanair is planning to upgrade it in the near future. Ryanair also stated that it has reduced boarding card and airport and bag fees for customers too.
Shares in the Irish airline rose by as much as five per cent in the early stages of trading this morning, although some of these gains were eroded later in the session as stocks dropped back. But by 08:42 GMT, its share price was still up by more than four per cent for the day. They rose again later in the morning and were almost six per cent up by 11:51 GMT.
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