Ryanair share price climbs as it raises its traffic forecast
It's the Ryanair Annual General Meeting (AGM) today, so expect plenty of outspoken soundbites from chief executive Michael O'Leary.
Until then, investors will have to make do with a statement issued by the airline this morning, saying it expects "slightly stronger traffic growth in the winter schedule" – 87 million passengers by the end of the year, rather than the previously forecast 86 million . Cue shares rising 1.8 per cent in mid-morning trading.
The company also said it expects full-year profits to be towards the upper end of its previously suggested €620m to €650m (£485m-£508m) range.
O'Leary said the growth had been driven by Ryanair's new cuddly side – and will in future be driven by new bases at Cologne, Gdansk, Glasgow and Warsaw Modline airports, as well as "significantly increasing flight frequencies and schedules from Dublin to UK cities, and from Dublin to European capitals".
Uncharacteristically, though, O'Leary also struck a cautious note:
The full year profit outturn continues to be heavily dependent on H2 yields over which we have very little visibility at present. We will give an update on Q3 yield performance at our half year results announcement in early November.