Budget airline Ryanair narrowed its full-year loss expectations on Wednesday but said traffic for FY22 was set to be towards the lower end of its guidance as it continues to take a hit from Covid restrictions.
For the year to the end of March 2021, it now expects a pre-exceptional net loss of between 800m and 850m, compared to guidance in February for a loss of 850m to 950m.
The company also said that FY22 traffic is likely to be towards the lower end of its guidance of between 80m and 120m passengers. It pinned the blame on Easter travel restrictions and lockdowns and a delayed traffic recovery into the peak summer 2021 season due to the slow rollout of vaccines in the EU.
“While it is not possible (at this time) to provide meaningful FY22 profit guidance, we do not share the recent optimism of certain analysts as we believe that the outcome for FY22 is currently close to breakeven,” it said.
Ryanair said its balance sheet remains strong, with a BBB credit rating from S&P and Fitch, and “significant” liquidity.
