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May 15 2015
Ryanair will report FY 2015 results on May 26th. With multiple upgrades during the financial year – mainly volume and load factor related – it is likely that full-year numbers will be ahead of guidance again (guided net income €840-850m). Q4 volume growth of 29.7% and an incredible 11-point load factor increase, together with a relatively early Easter, point to a strong end to the financial year. Key will be forward guidance, which is typically conservative, with uncertainty over the winter an obvious issue. However, we expect summer bookings to be ahead of last year (April loads were up 7 points) and with summer industry capacity at c.5%, trading should be strong.