Low-cost carrier Ryanair on Monday reported its best-ever annual profit, as passenger and revenue growth offset sharply higher operating costs, but flagged a weaker pricing environment in the current quarter.
The Dublin-based company said profit after tax in the full year to March 2024 jumped 34% to 1.92 billion euros ($2.09 billion), while revenue rose 25% year on year to 13.44 billion euros.
The airline served 184 million passengers, 23% more than before the Covid pandemic. Higher traffic numbers and an increase in fares helped Ryanair overcome a spike in costs: operating costs were up 24% year on year, and the airline's jet fuel bill soared 32%.
Ryanair also announced a 700 million-euro share buyback program, which Chief Financial Officer Neil Sorahan said reflected a "very strong" balance sheet.
"Our priorities have been very much: restore the pay for our people after Covid, bring in pay increases, pay down the debt," Sorahan told CNBC's "Squawk Box Europe."
"And we've been paying down bonds, we now have 1.4 billion in gross cash at the end of the last year, and that's why the board now have the confidence on top of the ordinary dividend program, to actually return the 700 million to shareholders."
