![\"\"](\"http:\/\/irishexaminerusa.com\/wp\/wp-content\/uploads\/2018\/05\/RyanairPlaneInFlight_large.jpg\")
Ryanair has booked a solid increase in full-year profits, but warned that rising oil prices could take the gloss off its performance over the next 12 months.<\/p>\nRyanair has booked a solid increase in full-year profits, but warned that rising oil prices could take the gloss off its performance over the next 12 months.<\/p>\n
The budget carrier saw a 10% rise in post-tax profit to \u20ac1.45 billion in the 12 months to March 31, while revenue jumped 8% to \u20ac7.15 billion.<\/p>\n
Passenger numbers were also up, jumping 9% to 130.3 million on the back of falling average air fares, which were down 3% to \u20ac39.40.<\/p>\n
The solid figures came despite what Ryanair described as a “rostering management failure”, when it was forced to cancel flights after mismanaging pilots’ annual leave.<\/p>\n
The September debacle, which affected 700,000 passengers, came alongside pilot strike action.<\/p>\n
Ryanair boss Michael O’Leary said: “We are pleased to report a 10% increase in profits, with an unchanged net margin of 20%, despite a 3% cut in air fares, during a year of overcapacity in Europe, leading to a weaker fare environment, rising fuel prices, and the recovery from our September 2017 rostering management failure.”<\/p>\n
However, the chief executive also struck a cautious tone over the airline’s prospects for the coming financial year, pointing to higher oil prices and Brexit.<\/p>\n
Ryanair expects unit costs over the next year to rise by 9% following the surge in oil prices, which have risen to 80 dollars per barrel. It will add more than \u20ac400 million to the group’s costs.<\/p>\n
Staff costs will rise by almost \u20ac200 million.<\/p>\n
The net result will be a fall in profits to between \u20ac1.25 billion and \u20ac1.35 billion, Ryanair said.<\/p>\n
On Brexit, the Irish carrier again said it continues to plan for a hard Brexit in March 2019.<\/p>\n
In that scenario, UK shareholders will be treated as non-EU and this could “potentially affect Ryanair’s licensing and flight rights”.<\/p>\n
As a result, Ryanair intends to “restrict the voting rights of all non-EU shareholders in the event of a hard Brexit”, in order to ensure it is majority-owned and controlled by EU shareholders at all times.<\/p>\n
“This would result in non-EU shareholders not being able to vote on shareholder resolutions. In the meantime, we have applied for a UK AOC which we hope to receive before the end of 2018,” the firm added.<\/p>\n