Sees summer fares trending ahead of last year
CEO unsure if travel will remain strong this winter
Boeing delivery delays could hit 2024 capacity

DUBLIN, May 22 Reuters Ryanair achieved close to record fullyear profit in the year to March 31 and is cautiously optimistic that robust summer demand will ensure modest profit growth in the next 12 months despite fuel costs being less fortuitously hedged.

Europe39;s largest airline by passenger numbers expects 10 traffic growth this year to more than offset a 1 billion euro 1.1 billion rise in its oil bill, it said on Monday as it posted slightly better than expected annual posttax earnings of 1.43 billion euros.

Ryanair said it stands to gain more from peak summer fares trending ahead of last year, with summer European shorthaul capacity set to be 510 below prepandemic levels.

There is no doubt in my mind that people who have been locked up for the two years of COVID are going back traveling. They see travel not as a luxury but as an essential and families are returning to the beaches of Europe this summer, Chief Executive Michael O39;Leary said in a presentation to investors.

Other major European airlines, most recently lowcost rival EasyJet, have all pointed to robust summer bookings, showing consumers prioritising travel despite incomes being squeezed by higher inflation.

Ryanair shares, up 27 so far this year, were 1.4 higher in early trade.

O39;Leary cautioned that he was not entirely sure if that would…