(Alliance News) - Ryanair Holdings PLC on Tuesday announced record bookings driven by UK consumers planning foreign trips for Easter and summer.

Ryanair is a low-cost airline based in Swords in County Dublin, Republic of Ireland.

Chief Executive Michael O'Leary said the airline received 2.0 million flight bookings last weekend, beating the carrier's previous record weekend of 1.6 million in early 2019 when seats were heavily discounted.

O'Leary told reporters at a press conference in the City of London: "Yes, there's lots of cheap seats out there, but it's not on the back of a seat sale. There just seems to be very strong demand out there."

"People are worrying that prices are going to rise in the summer – which I think they will. People are getting in early and booking their Easter and summer travel."

O'Leary said he expects average fares to rise this year by "the high single digits" in percentage terms compared with 2022, while he does not believe fares as low as GBP9.99 will return "for the next year or two" due to high oil prices.

He attributed the strong booking performance, despite the cost-of-living crisis, to people deciding to "scrimp and save" elsewhere to "protect their holiday".

"One of the things that has emerged out of Covid is the annual holiday, or the second holiday, or the week in the sun, is no longer being considered by many to be a luxury that we can drop," he said.

O'Leary added that the pandemic has "accelerated the consolidation process" in the airline sector.

He believes that eventually easyJet "is going to finish up being bought by either British Airways or Air France, or both jointly".

Earlier this month, Ryanair increased its profit forecast, as a strong Christmas season meant the airline now expects profit after tax to reach between a little over EUR1.3 billion and EUR1.4 billion, or GBP1.1 billion and GBP1.2 billion during the financial year ending March 31.

That is an increase from the EUR1 billion to EUR1.2 billion range, or GBP880 million to GBP1.06 billion, that the company had previously supplied to shareholders.

Ryanair shares were 0.5% lower at EUR14.73 each on Tuesday afternoon in Dublin.

source: PA

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