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Ryanair sees traffic plummet 88% in January

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Ryanair Holdings PLC (LON:RYA) said traffic plummeted 88% to 1.3mln passengers last month.

The budget airline operated around 15% of its normal January schedule with a 69% load factor.

READ: Ryanair says EU needs to speed up vaccine rollout, AstraZeneca to deliver extra 9mln vaccine doses to EU

On Monday, the firm said the EU should speed up its vaccine rollout after guiding to an eye-watering net loss of €850mln-€950mln in the financial year to next March.

It made a €306mln quarterly loss as it flew around 8mln people in the three months to end-December 2020 compared to 36mln a year earlier.

Revenues were just €0.34bn for the quarter, down 82% from the €1.91bn the year before, though operating costs fell to €0.67bn from €1.81bn.

“We take some comfort from the success of the UK vaccine programme which is on target to vaccinate almost 50% of the UK population (30mln) by the end of March,” it said in a statement.

“The EU now needs to step up the slow pace of its rollout programme to match the UK’s performance.”

Analysts at Peel Hunt said February and March will be even weaker due to the worsening travel restrictions.

“We retain our Sell recommendation as we do not believe the stock is discounting the recovery risks, which may include a slower easing of travel restrictions than expected and ongoing requirements for pre-departure PCR testing,” the broker commented.

Shares rose 2% to €14.62 early on Tuesday.

–Adds analyst comment, shares–

Sureserve makes strong start to new year; Peel Hunt ups target price

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