Ryanair Holdings PLC (LSE:RYA) reported a much-improved loss for the festive quarter but cautioned investors to "expect further Covid disruptions" as bookings in December and January were hit by the coronavirus omicron variant.
The Dublin-based budget airline made €1.47bn of revenue for its third quarter to end-December, up 331% year-on-year, with losses cut to €96mln from €321mln a year earlier.
This was in line with the City analyst consensus after the carrier slashed guidance just before Christmas.
Boss Michael O'Leary said recent bookings have improved following easing of travel restrictions, but "the booking curve remains very late and close-in", suggesting passengers are making last-minute decisions.
He said flights in the current quarter were requiring "significant price stimulation at lower prices" to quickly fill planes.
Ryanair kept its full-year guidance unchanged, but warned trading was “hugely sensitive” to any new developments in the pandemic.
Broker Liberum said: "The easing of international travel restrictions is key to the summer outlook. Ryanair is positioned for a strong recovery, with planned summer capacity at 114% of 2019 levels."