Ryanair: returns to profit in 2022-23
(CercleFinance.com) - Ryanair has reported a net profit of E1.
43bn for 2022-23, compared with a loss of E355m a year ago, at the top end of management's target range and 2% above consensus, Liberum points out.
Buoyed by a 74% increase in passenger numbers to 168.6 million, the low-cost airline saw annual revenues more than double (+124%) to nearly E10.8 billion, outpacing a 75% rise in operating costs.
"Net cash on the balance sheet was a surprise, a year ahead of target," said Liberum, which confirmed its "buy" recommendation on the Irish group's stock with an unchanged target price at E19.
"FY guidance (modest profit growth) is more cautious than current consensus, although summer 2023 demand remains robust with fares tracking higher than last year," the broker notes.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
43bn for 2022-23, compared with a loss of E355m a year ago, at the top end of management's target range and 2% above consensus, Liberum points out.
Buoyed by a 74% increase in passenger numbers to 168.6 million, the low-cost airline saw annual revenues more than double (+124%) to nearly E10.8 billion, outpacing a 75% rise in operating costs.
"Net cash on the balance sheet was a surprise, a year ahead of target," said Liberum, which confirmed its "buy" recommendation on the Irish group's stock with an unchanged target price at E19.
"FY guidance (modest profit growth) is more cautious than current consensus, although summer 2023 demand remains robust with fares tracking higher than last year," the broker notes.
Copyright (c) 2023 CercleFinance.com. All rights reserved.