Ryanair reported a Q1 loss of €185m, compared to a previous year Q1 net profit of €243m. The past quarter was the most challenging in company’s 35 year history.
Covid-19 grounded the group’s fleet for almost 4 months (from mid-March to end June) as EU governments imposed flight or travel bans and widespread population lockdowns.
During this time, group airlines repatriated customers and operated rescue flights for different EU governments, as well as flying a series of medical emergency/PPE flights across Europe.
On 1 July, the Ryanair resumed flights across the majority of the route network. The airline carrier expect to operate approx. 40% of the normal July schedule, rising to c. 60% in Aug. and 70% in September.
At this time, the group expects 2021 traffic to fall by 60% (from 149m) to just 60m.
Highlights of Ryanair Q1 performance
- Over 99% of the fleet grounded from mid-March to end June.
- Q1 traffic fell from 42m to 0.5m.
- Group airlines operated repatriation, rescue & medical emergency flights.
- Cash preservation prioritised – closing cash €3.9bn
- Cost reduction measures being successfully implemented.
- Successful return to flying implemented in late June.