Ryanair 1HFY2011 operating profit up 14%, upgrades guidance

Ryanair revenue up 23% - financial highlights:

• Three months ended 30-Sep-2010:
  • Revenue: EUR1285 million, +30% year-on-year;
    • Ancillary: EUR219.9 million, +21%;
  • Operating cost: EUR890.5 million, +28.3%;
    • Fuel: EUR373.6 million, +52%;
    • Airport and handling charges: EUR+14%;
    • Route charges: EUR122.1 million, +32%;
    • Labour: EUR101.9 million, +18%;
  • Operating profit: EUR394.3 million, +32.4%;
  • Net profit: EUR330.3 million, +31.9%;
• Six months ended 30-Sep-2010:
  • Revenue: EUR2182 million, +23% year-on-year;
    • Ancillary: EUR423.8 million, +22.4%;
  • Operating costs: EUR1666 million, +26.8%;
    • Fuel: EUR660.5 million, +43.7%;
    • Airport and handling charges: EUR268.5 million, +7.6%;
    • Route charges: EUR221.8 million, +27.5%;
    • Labour: EUR195.0 million, +15.7%;
  • Operating profit: EUR515.4 million, +13.9%;
  • Net profit: EUR424.0 million, +13.5%;
  • Passenger numbers: 40.1 million, +10%;
  • Load factor: 85%, stable;
  • Revenue per passenger: EUR54, +12%;
  • Unit cost: +13%;
  • Unit cost excl fuel: +4%;
  • Average fares: EUR44, +12%;
  • Net operating cash flow: EUR391.9 million, +2.4%;
  • Total assets: EUR8,140 million, +7.6% when compared with the period ended 31-Mar-2010;
  • Cash and cash equivalents: EUR1,936 million, +31.0% when compared with the period ended 31-Mar-2010;
  • Total liabilities: EUR4,851 million, +2.9% when compared with the period ended 31-Mar-2010;
• FY2011 forecast:
  • Average fares: Upper end of +5% to +10%;
  • Net profit: EUR380 million to EUR400 million. [more]

Ryanair: "Our outlook for the remainder of the fiscal year remains cautious as we have little visibility on Q4 yields. Based on Q3 forward bookings we now anticipate that winter (H2) yields will be slightly better than previously forecast, so we expect the full-year yield increase to be at the upper end of the +5% to +10% range previously guided, ie close to 10%. Given these somewhat better winter yield forecasts, although with the usual caveats about limited Q4 visibility, we now believe that full year net profit will exceed the upper end of our previous forecast range (EUR350m to EUR375m) and will now finish (subject to Q4 yields) within a range of EUR380 million to EUR400 million," Michael O'Leary, CEO. Source: Ryanair, 01-Nov-2010.