- Ryanair Holdings (NASDAQ:RYAAY) Chief Executive Michael O'Leary stated on Wednesday that bookings for the summer looked very strong, adding that the load factor should gradually rise to 94-95% in June-August, approaching pre-COVID-19 pandemic levels, reported Reuters.
- O'Leary told Reuters that the airline was likely to end this month with just over 15 million passengers, up from 14.24 million in April, compared to just 1.04 million in April 2021. He expected the load factor to edge up to 92% in May from 91% in April.
- "Bookings over the last number of weeks have continued to strengthen – both the numbers are strengthening and average fairs being paid through the summer are rising," he stated, highlighting strong bookings to beaches of Portugal, Spain, Italy, and Greece.
- Although rising fuel prices have been a challenge for the industry, O'Leary stated that Ryanair has "80% of its fuel needs hedged out to March 2023 at $70 a barrel."
- "So, we are making a huge saving at the moment. We have a huge advantage over other airlines in Europe...and we are able to use that now to deliver growth," he added.
- Price Action: RYAAY shares are trading higher by 2.58% at $87.06 on the last check Wednesday.
- Photo Via Wikimedia Commons
