Ryanair says summer fares will be lower as profits slide

Despite the slide in profits, Ryanair’s passenger numbers increased slightly in the period, limiting the fall in its overall revenue to just 1%.

However, the weak results may suggest that a post-pandemic boom in pricing enjoyed by airlines could be coming to an end, with other carriers having recently warned over falling ticket prices.

Ryanair said on Monday that its performance over the rest of the summer is “totally dependent” on more last-minute bookings and those in August and September in particular.

Customers are typically waiting longer than usual to book summer holidays, which is thought to be partly a result of the ongoing effects of the cost-of-living crisis.

Earlier in July, Jet2 said there would only be “modest” price increases this summer amid a wave of later bookings to its European destinations.

Lufthansa has also pointed to “negative market trends”, while Air France-KLM warned of a financial hit after fewer people than expected booked flights to Paris for the forthcoming Olympic Games.

In early morning trade in London on Monday, Ryanair’s share price was down 12.5%, while that of rival carriers such as EasyJet fell 6.51% and Wizz Air 6.56%.