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Ryanair SWOT Analysis: Expects 20% yield decline and losses in 2H2010 on continued fare reductions


Ryanair stated it expects average fares will decline by up to 20% in 3Q2010 and 4Q2010, which would result in losses in both quarters (and hence for 2H2010). [3008 words]

Unlock the following content in this report:


  • 1H2010 profits up 70%; passenger numbers up 15%; fares down 17%
  • STRENGTHS:  Growing traffic and profits, despite “difficult” economic conditions
  • WEAKNESSES: Average fares and revenue per pax down by double digits; ancillaries show signs of stabilisation
  • OPPORTUNITIES:  Moving network away from “high tax, high cost countries”
  • THREATS: Boeing refuses to jump on the Team Ryanair bandwagon…for now
  • “Growth during a Recession” to position Ryanair for post-recession opportunities, but expects 20% fall in yields

Graphs and data:

  • Ryanair profit after tax: FY06 to 1H10
  • Ryanair financial highlights for six months ended 30-Sep-2009
  • Ryanair financial highlights for three months ended 30-Sep-2009
  • Lufthansa, Air France, KLM, British Airways and AEA passenger growth (% change year-on-year): Jan-2008 to Aug-2009
  • Ryanair operating profit margin 1Q2005 to 2Q2010
  • Ryanair fuel expenses as a portion of total operating expenses: 1Q2005 to 2Q2010
  • Ryanair operating costs breakdown: 1H2009 vs 1H2010 (financial year ended 31-Mar)
  • Ryanair financial highlights for six months ended 30-Sep-2009
  • Ryanair passenger number and passenger load factor: FY2006 to 1H2010
  • Ryanair ancillary revenue as a portion of total revenue: 1Q2005 to 2Q2010
  • Ryanair fuel hedges for FY2009: as at Sep-2009
  • Ryanair fuel hedges for FY2010: as at Sep-2009
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