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Ryanair to focus on passenger demand and high load factor; yields and profitability to suffer


Despite the difficult operating environment, Ryanair has announced its intention to respond, as always, with lower fares and aggressive pricing to keep passenger traffic flowing and to maintain its high load factors, accepting short term pain for long term gain. [1918 words]

Unlock the following content in this report:


  • Capacity growth of approximately 14% planned for FY08/09
  • In talks to purchase up to 400 aircraft to secure mid-term growth - "no loyalty to Boeing"
  • No need for merger; but will benefit from European consolidation
  • Italy expansion ahead; Forli and Bologna to become 29th and 30th bases
  • Seven new routes at London Luton; further expansion from Birmingham
  • Further cost-cutting efforts ahead; but expects 1H09 costs to increase
  • Hedged 75% of Euro-denominate currency between FY08 and 2012
  • BAA commences legal action against Ryanair's refusal to pay higher charge at London Stansted

Graphs and data:

  • Ryanair profit matrix
  • Ryanair passenger growth forecast (4Q08 vs 1Q09 forecast): FY07 to FY12F
  • Ryanair fleet growth plans: FY07 to FY12: Jul-08
  • Ryanair key 30 bases in terms of capacity (seats): Week of 23-Jun-08
  • Ryanair fuel expenses as a portion of total operating expenses: 1Q05 to 1Q09
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