Today, Ryanair has warned of weakness in ticket prices during its peak summer months, but the risk of fuel shortages is receding as suppliers have adapted to the closure of the Strait of Hormuz.
It has been revealed that Ryanair has made a record number of profits in the past fiscal year, which ended in March.
"We now have almost zero concerns over fuel supplies across Europe. We do not see any real risk to supplies," O'Leary said at conference addressing the recent results.
The airline stated that they did not expect any disruptions to their jet fuel supplies in Europe this summer, however they worry that it will affect their profits. O'leary said that the airline suppliers confirmed there will be no disruptions to their supplies this summer.
Previously, it had been forecast that there would be a rise in fares during the summer months, however this has since been evaporated.
Pricing fell in the April-June quarter and was "trending broadly flat" for the three months from July to September, Ryanair said.
Although the airline has hedged 80% of its jet-fuel requirements for the year, they said that units could still rise if fuel prices remained at current elevated levels.
Ryanair reported today that in the past fiscal year they have made an after-tax profit of €2.26 billion, with its revenue rising by 11% .
"We've delivered a record year, record traffic, record profits. Clearly at the moment we are going through significant uncertainty," O'Leary said.
The airline has also revealed that they have almost concluded negotiations on an extension to Michael O'Leary's contract to 2032. This would include 10 million share option agreement, subject to share-price and profit targets. The share option has been estimated to earn O'Leary €100m, according to a report in RTE today.
