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Ryanair HY Profit Edges Up; Outlook Still Cautious

Ryanair Holdings plc (RYA.L,RYAAY) reported that its profit attributable to equity holders of parent for the half-year ended September 30, 2019 was 1.153 billion euros or 1.0204 euros per share, compared to 1.151 billion euros or 0.9892 euros per share in the prior year.

Revenue grew 11% to 5.39 billion euros from last year. Scheduled Sales rose 5% to 3.74 billion euros as it carried 86 million guests at 5% lower air fares due to the weak consumer demand in the UK and overcapacity in Germany and Austria.

Ancillary Revenue jumped 28% to 1.65 billion euros as more guests chose Priority Boarding and Preferred Seat services.

Delivery of the Group's first B737-MAX-200 aircraft has been repeatedly delayed from the second-quarter 2019. Revenue now expects its first MAX aircraft to deliver in March/April 2020 at the earliest. The risk of further delay is rising.

Ryanair expects to receive only 20 MAX-200s (previously 58) in time for S.20 which has cut its S.20 growth rate from 7% to 3%.

The company said its outlook for the remainder of the year remains cautious. Full year traffic will grow 8% to 153 million but it expects a slightly better fare environment than last winter, although it has limited the second-half visibility.

The company narrowed its full year profit after tax guidance to a range of 800 million euros to 900 million euros. Previously, the company said it continued to guide broadly flat fiscal year 2020 profit after tax in a range of 750 million euros to 950 million euros.

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