1/2 year results

Ryanair has just given its half-year results, which are quite good :

http://www.ryanair.com/en/news/ryanair-half-year-profits-rise-17-percent-to-452m-euro

Excerpts :

“A 17% increase in half year Net Profit to €452m is testimony to the robustness of Ryanair’s lowest cost\lowest fare model which continues to deliver traffic and profit growth even during a deep recession. We continue to gain market share across Europe from the big three high fare flag carrier groups led by Air France, BA and Lufthansa.

Average fares this summer rose by 12% to €44 in line with a 12% sector length increase as our new routes and bases at Faro, Malaga and Malta performed well. Ryanair overtook Iberia in July to become the No.1 passenger carrier operating at Spanish airports. We launched the new Barcelona (El Prat) base in September and our Valencia and Seville bases will launch in November which will strengthen Ryanair’s market leadership in Spain. We continue to welcome vigorous competition between airports for Ryanair’s traffic growth. This has led to airport unit costs falling by 3% during the half year despite huge and unjustified increases at Dublin and Shannon.

Unit costs increased by 13% primarily due to the 12% growth in sector length and higher fuel costs. Our fuel bill rose by 44% to €660m due to the increased level of activity and higher prices. Unit costs excluding fuel rose by 4%, and sector length adjusted they fell by 8%, as we lowered aircraft ownership, airport and handling costs. We are 90% hedged for FY11 at $730 per tonne and 60% hedged for FY12 at $760 per tonne. We extended our dollar cover and are 60% hedged for FY12 at €/$ 1.35 versus €/$ 1.40 for FY11.