Ryanair FY2024 results: European aviation's profit and cash machine

Ryanair is very good at generating profits and cash - a fairly rare combination in the airline industry.

It achieves this with low fares, enabled by low unit costs, leading to industry-leading load factors and Europe's best operating margins.

For the financial year to Mar-2024, Ryanair reported its highest-ever net profit, of EUR1,917 million, and its highest-ever passenger count, of 184 million. This was 24% more passengers than in FY2020, which was the last pre-pandemic year. The airline's net cash position has allowed a share buyback, in addition to dividend payments.

True - there are uncertainties in the outlook over the coming year, both geopolitical and industry, including any further delays to its Boeing 737MAX deliveries. However, these are outside management's control.

Moreover, by consistently sticking to what it is good at, Ryanair's FY2024 results are further evidence that it can successfully bounce back from the impact of external shocks.