Ryanair profits top €1bn but outlook ‘difficult’

Ryanair has announced profits of just over €1bn (£894bn) for the year to the end of March, saying it will weather the coronavirus pandemic and emerge stronger.

The airline’s profit was 13% up on the previous year’s figure of €885m.

Ryanair is set to cut 3,000 jobs – 15% of its workforce – as it restructures to cope with the coronavirus crisis.

Ryanair said 2021 would be a “difficult” year as it worked hard to return to scheduled flying.

But it said its balance sheet was one of the strongest in the industry, with cash reserves of more than €4bn.

“Unlike many flag carrier competitors, Ryanair will not request or receive state aid,” it added.