*Shares hit record levels
European carrier Ryanair has released full year results for the year to 31 March (release). The firm saw profit before tax rise from €633m to €650.9m. Profit after tax is expected to rise from €569m to €570 to €600m in the 2014 financial year. Shares in Ryanair have risen by over six per cent to hit record levels, despite the expected slowdown in profit growth.
(Source: Yahoo! Finance)
Traffic is expected to grow by three per cent to 81.5m in the 2014 financial year, with slower growth of two per cent of the first half rising to five per cent by the second. Unit costs are expected to rise due to rising oil prices and higher Eurocontrol and Spanish airport charges.
Chief executive Michael O’Leary commented on the decision of the EC to block Ryanair's Aer Lingus offer:
We were disappointed that the European Commission in February 2013 decided to prohibit Ryanair’s third offer for Aer Lingus. It is bizarre that the EU can wave through BA’s offer for British Midland in Phase 1 with few remedies, yet months later reject Ryanair’s offer for Aer Lingus which was accompanied by a revolutionary remedies package delivering two upfront buyers to open competing bases in Dublin and Cork airports. We have no doubt that this was yet another politically motivated decision by Europe’s competition authority and it is inexplicable in the context of its stated policy of promoting European airline consolidation.