Ryanair has reported a 6% increase in full year net profit to €1.316 billion. 

The combination of a 13% cut in average fares, coupled with Year 3 of the “Always Getting Better” (AGB) programme delivered 13% traffic growth to 120 million customers, and an industry leading 94% load factor. Unit costs fell by 11% (ex-fuel down 5%).   

Ryanair’s CEO Michael O’Leary said: “We are pleased to report a 6% increase in PAT to €1.316 billion, despite difficult trading conditions in FY17 caused by a series of security events at European cities, a switch of charter capacity from North Africa, Turkey and Egypt to mainland Europe, and a sharp decline in Sterling following the June 2016 Brexit vote. We reacted to these challenges by improving our customer experience, and stimulating growth with lower fares. Highlights of the past year include:

-        Ave. fares fell 13% to €41

-        Traffic grew 13% to 120m customers

-        Load factor rose to an industry leading 94%

-        Unit costs were cut 11% (ex-fuel they declined 5%)

-        We delivered Year 3, and announced Year 4, initiatives of AGB

-        Over €1bn was returned to shareholders via share buybacks