Budget airline Ryanair has set its sights on rapid growth, expecting to carry 180 million passengers per year within a decade, 20 million higher than it’s previous target.
This new target comes as it was announced that Ryanair had experienced a 37% rise in pre-tax profit. Passenger numbers also rose by 13% to 58.1 million and revenue jumped to over 4 billion. The results covered the six months until the end of September.
Michael O’Leary, the Chief Executive of Ryanair said:
“We have enjoyed a bumper summer due to a very rare confluence of favourable events including stronger sterling, adverse weather in northern Europe, reasonably flat industry capacity and further savings on our unhedged fuel.”
He also predicted that there could be a price war in the next year, anticipating that fares would fall by 4% in the first three months.
“We are already reducing our prices… and in recent weeks we have seen most airlines reduce their prices.”
In recent months, Ryanair has taken steps in order to improve customer service and travelling experience for its passengers. The airline reported a positive response from customers regarding its new personalised website. It raised the traffic total by one million to 105 million.
The company has also added new aircrafts to its fleet, as well as agreeing to buy its fuel at a set price. The company said that the combination of lower aircrafts and fuel costs will enable the company to keep fares low and grow market share.