Ryanair CEO Michael O'Leary said the airline's 'industry leading' fuel hedging contributed significantly to its full-year profit.
The Irish low-cost carrier saw a 74% increase in full-year traffic to 168.6 million customers, while fares were up 10% on pre-Covid levels.
CFO Neil Sorohan told CNBC that consolidation in Europe is "inevitable" and the aviation industry will soon look "more like the U.S. model, with just four or five large carriers effectively flying 80% of the traffic around Europe." Despite a rough first quarter in 2022 as a result of Russia's invasion of Ukraine, travel demand rebounded over the course of the year. The Irish low-cost carrier reported a 74% increase in full-year traffic to 168.6 million customers, while fares were up 10% on pre-Covid levels.
"Our industry leading fuel hedging contributed significantly to the final FY23 profit outcome, saving the Group over €1.4bn," CEO Michael O'Leary said in Monday's earnings report.
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