DUBLIN (Reuters) – Ryanair on Monday posted a close to file revenue of 1.43 billion euros ($1.57 billion) within the yr to end-March and stated it was cautiously optimistic that income would rise modestly within the subsequent 12 months, with summer time demand notably strong.

The Irish airline, Europe’s largest by passenger numbers, expects summer time European short-haul capability to stay beneath pre-COVID ranges, with peak fares trending forward of final yr, and {that a} continued squeeze on capability would profit Ryanair.

“The big backlog of OEM (unique tools producer)plane deliveries is prone to constrain capability progress in Europe for a minimum of 4 extra years which confers a substantial progress premium on Ryanair’s remaining 110 (Boeing (NYSE:)) B737 Gamechangers deliveries over the subsequent three summers,” Chief Government Officer Michael O’Leary stated.

“Our widening unit price benefit over all opponents, our gasoline hedging, sturdy stability sheet and our very low-cost plane order e book, in addition to our confirmed operational resilience, creates monumental progress alternatives for Ryanair over the approaching years.”

The low price service flew a file 168.6 million passengers within the yr via March 31, beating its earlier annual file of 149 million reached earlier than the pandemic. It reiterated that it hoped to develop site visitors to 185 million this fiscal yr.

Nonetheless, it stated current Boeing supply delays might push a few of that progress into the decrease yielding second half and will cut back the goal barely. It expects to be brief as much as 10 new jets in June and July.

Ryanair hiked its after-tax revenue forecast to 1.325 billion to 1.425 billion euros in January after stronger than anticipated Christmas site visitors and fares. The ultimate quantity in contrast with a forecast of 1.398 billion euros in an organization ballot of analysts.

It made a lack of 355 million euros within the earlier pandemic-hit monetary yr and the turnaround got here near topping the file 1.45 billion euro revenue Ryanair made within the yr to March 31, 2018.

($1 = 0.9084 euros)