Ryanair Holdings PLC (LSE:RYA) passed 18 million monthly passengers in July for the first time, as budget airlines continue a record-breaking post-pandemic streak.
Some 18.7 million people travelled with the Irish carrier in July, the company reported on Wednesday, up 11% year on year and 26% on 2019 – prior to the pandemic.
“We see this robust trading as extremely encouraging,” Peel Hunt analysts noted, backing shares in the Irish carrier with a price target of €23.5 – up almost 50% on Tuesday’s close.
Ryanair’s 102,000 flights during the month came in above expectations, the bank added, with just 800 cancelled in light of air traffic control disruption in mainland Europe.
Peer Wizz Air Holdings PLC (AIM:WIZZ) also broke records in July, penning over 6 million monthly passengers for the first time, as budget airlines bask in flurrying returning demand after the pandemic grounded flights.
Both airlines recorded load factors upwards of 90%, meanwhile, with Ryanair flights 96% full on average compared to Wizz’s 94.9%, marking positive news considering each is waiting on orders for new aircraft.
Ahead of Wizz’s results on Thursday, Liberum analysts were less optimistic about the stock, which has risen 25% so far this year as the company targets profitability.