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Feb 3 2020, 06:20 GMT
Ryanair Holdings
Q3 profitability illustrative of momentum in the business
- Sectors : Airlines
- Companies : Ryanair Holdings
DAVY VIEW
What strikes us is the momentum in the business with the turnaround in profitability in Q3 (+€88m FY2020, -€66m Q3 FY2019) as the group strategy is implemented. FY2020 guidance is maintained (we think profits are likely to be at the upper end) but, with the tight market supply and €100m fuel tailwind into FY2021, operating leverage should become evident as the year progresses.
