We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ryanair Holdings Plc | LSE:RYA | London | Ordinary Share | IE00BYTBXV33 | ORD EUR0.006 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.415 | 14.40 | 14.41 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRYA
RNS Number : 6562I
Ryanair Holdings PLC
03 April 2020
RYANAIR FY20 PROFITS REMAIN WITHIN LOWER END OF GUIDANCE RANGE
STRONG BALANCE SHEET AND LIQUIDITY CONTINUES
Ryanair Holdings plc today (3 April) advised shareholders that it expects to report pre-exceptional FY20 (yr. end 31 March 2020) Profit After Tax of between EUR950m and EUR1,000m, which is at the lower end of its previously announced guidance range. This is due to the response of EU Governments to the spread of the Covid-19 virus, which have since mid-March included widespread flight bans and travel restrictions which have closed Europe's skies to all but a tiny number of rescue and medical flights. The Ryanair Group saw traffic in March fall by 48% from 10.9m guests in 2019 to 5.7m guests in 2020. This caused full-year traffic to rise just 4% to 149m, compared to the 154m figure that Ryanair was on track to achieve, even as late as early March.
Ryanair is currently operating less than 20 daily flights, which is 99% less than its pre-Covid 19 daily schedule of over 2,500 flights. The airline expects its fleet to remain largely grounded for at least April and May. We therefore expect to record ineffectiveness on our FY21 fuel hedges as an exceptional item in our FY20 results. We currently estimate that this will amount to an exceptional charge of approximately EUR300m. Ryanair Group Airlines continue to work with EU Governments to maintain minimum flight links for emergency reasons, and to operate rescue and medical flights when requested to do so. Ryanair continues to operate occasional currency flights to ensure that its pilots and aircraft are ready for a return to service when this Covid-19 crisis passes, as it inevitably will.
Ryanair has one of the strongest balance sheets in the industry, with year-end cash equivalents of EUR3.8bn and 327 (77%) of the Group's owned fleet unencumbered and debt free. The Ryanair Group has already implemented a series of measures to cut operating costs, improve liquidity and cash flows. These include aircraft groundings, deferring capex, suspending share buybacks, freezing recruitment and discretionary spending, cutting all pay (including senior management) by 50% with immediate effect for April and May, and we are engaging with our people and our unions across all EU countries to agree payroll support mechanisms as they are put in place by EU Governments.
We are grateful to many EU Governments for their foresight and speed of response in recognising that the EU airlines are one of the most exposed industries to the Covid-19 pandemic and that our flights have been grounded by necessary Government restrictions to combat the spread of Covid-19. However, we equally support the EU Commission's position that any such Government supports must comply with all EU State Aid and Competition rules.
Given the continued uncertainty on the impact and duration of the Covid-19 pandemic, it is not possible to give FY21 guidance at this time. The Ryanair Group of Airlines will continue to focus on delivering cost savings, protecting jobs, working with EU Governments to support rescue and medical flights, and preparing for the return to normal service when the Covid-19 crisis has passed, which we hope will be sooner rather than later.
As this is a closed period, the Group's next market update will be on 18(th) May when we release our FY20 results.
ENDS
This announcement contains inside information
For further information
please contact: Shane O'Toole Piaras Kelly
Ryanair Edelman Ireland Tel: +353-1-9451212 Tel: +353-1-6789333 RyanairIR@ryanair.com ryanair@edelman.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCEAXLAEFFEEFA
(END) Dow Jones Newswires
April 03, 2020 02:00 ET (06:00 GMT)
1 Year Ryanair Chart |
1 Month Ryanair Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions