Ryanair group CEO Michael O’Leary said Wednesday that bookings looked very solid for the summer and that the occupancy factor should gradually increase to 94-95% in June-August, virtually reaching pre-COVID-19 pandemic levels.
Europe’s largest low-cost airline is likely to end this month with just over 15 million passengers, up from 14.24 million in April, which compares with just 1.04 million in April 2021, O’Leary told Reuters. He expected the load factor to rise to 92% in May from 91% in April.
→ Court dismisses Ryanair’s appeal against Condor bailout.
“Bookings in recent weeks have continued to strengthen: both numbers are strengthening and average fares paid over the summer are increasing,” he said, highlighting strong bookings to beaches in Portugal, Spain, Italy and Greece.
He saw no significant impact for Ryanair from recent delays at Stockholm, Frankfurt, Amsterdam and Dublin airports, saying that by June-August additional staffing should mean that “security queues will not be an issue.”
As for the European Central Bank’s planned rate hikes, O’Leary said that “certainly over the next 12 months there will be no impact.”
Although rising fuel costs have been a challenge for the industry, O’Leary said Ryanair had “80% of its fuel needs covered until March 2023 at $70 a barrel.”
“So, we are saving a lot at the moment. We have a big advantage over other airlines in Europe … and we can use that now to grow,” O’Leary added.
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