Speaking as the budget carrier posted its financial results for the year to 31 March, chief executive Michael O’Leary said the airline has "enormous growth opportunities" moving forward.
It comes as Ryanair prepares to operate its biggest schedule this summer with almost 2,500 routes and more than 3,000 daily flights as it profits from a rebound in demand off the back of the Covid-19 pandemic.
The carrier reported a Q4 loss of €154 million but a full-year profit after tax of €1.43 billion, compared to a loss of €355 million in the previous 12 months, driven by strong traffic recovery, improving fares, a robust cost base and advantageous fuel hedging.
During the reporting period, Ryanair saw traffic increase by 74% to 168.6 million – 13% more than the 2019/2020 financial year – fares increase 10% on pre-Covid levels and opened five new bases and around 300 new routes.
O’Leary said: "Ryanair’s market share has grown significantly in most EU markets as we operated 116% of our pre-Covid capacity in financial year 2023 (FY23).
"Forward bookings and air fares for summer 2023 currently are strong, and we continue to urge all customers to book early to avoid rising ‘close-in’ prices."
Most notable gains were recorded in Italy (from 27% to 40%), Poland (26% to 36%) and Ireland (49% to 58%).
This year Ryanair hopes to grow traffic to approximately 185 million, although recent delivery delays from Boeing "may push some of this growth into the second half of the year and may reduce the target slightly", O’Leary said.
"To date summer 23 demand is robust, and peak summer fares are trending ahead of last year," he added. "First quarter fares, which benefited from a strong Easter in April, will be significantly higher than Q1 FY23."
As Ryanair grows traffic to 225 million per annum by financial year 2026 and 300 million by financial year 2034, the airline will look to create more than 10,000 new jobs for pilots, cabin crew, and engineers.
Over the past year the airline has recruited and trained more than 3,000 new crew members, including 1,000 pilot cadets.
