Ryanair has said its recovery in passenger numbers “will require continuing price stimulation” while revealing improved losses for the first half of its financial year.

Europe’s largest airline by passenger numbers reported losses after tax of €48m for the six months to the end of September though its numbers implied a profit of €225m over its second quarter as a COVID vaccine-led reopening of the skies got underway.

The figure represents its first quarterly profit since the pre-pandemic final three months of 2019.

The no-frills airline carried 39.1 million passengers over the six month period – 54% fewer than in the same period of 2019.

Chief executive Michael O’Leary said that while he expected a “very strong” recovery in load factors over the months ahead heading into the next core summer season, winter would be “tough”.

He cited little visibility on demand and ticket prices as the airline grappled rising fuel costs – 20% of which are not hedged.

Ryanair said that, as a result, it expected to report a loss after tax of between €100m and €200m for the year to March.

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