Today’s news / Ryanair may cut fares to boost occupancy
Ryanair's average prices have increased by 21 percent during the fiscal year 2023/2024, which ended at the end of March. This is reported by Reuters. Photo: Andrew Yates/Reuters

Ryanair may cut fares to boost occupancy

Ryanair’s CEO, Michael O’Leary, has announced the company’s readiness to reduce ticket prices to ensure flights are filled during the summer. This comes after the airline reported its annual financial results, with an unexpected weakness in fare strength. The goal is to achieve a 94 percent occupancy rate between April and June, even if this requires offering promotional fares. Despite rising average prices by 21 percent during the financial year 2023/2024, O’Leary signalled that the anticipated summer fare increases might be lower than the previously estimated 5 to 10 percent. Strong summer last-minute bookings are crucial for this perspective. Over the past financial year, Ryanair saw its passenger numbers increase by 9 percent from the previous year and 23 percent above pre-COVID levels, with revenues rising 25 percent to 11.38 billion euros.