Ryanair says its forward bookings for the 3 months to July up 5%

Friday 21 March 2014 12.16
Ryanair's shares rise after upbeat analyst briefing
Ryanair's shares rise after upbeat analyst briefing

Ryanair shares climbed higher in Dublin trade today after the airline's management briefed analysts on progress on its marketing overhaul and financing plans.

The airline said that its forward bookings for the three months to July are up 5%.

Ryanair also told analysts that revenue from allocated seating was "significantly revenue positive", while it also gave encouraging updates on the airline's ticket sales strategy.

Earlier this week, Ryanair said it had received a BBB+ rating from Standard and Poor's which will assist it in sourcing low cost financing for its planned purchase of 175 Boeing aircraft. 

It said the rating reflects the "fundamental strength of Ryanair's business model which has delivered a track record of high levels of profitability, superior cash generation, and a very strong balance sheet with low levels of leverage".  

Ryanair has raised funds in the past through bonds backed by the US government-owned ExIm bank, but is preparing to tap markets directly for the first time to lower its cost of financing. 

The airline also announced seven new routes from Dublin and extra flights on existing routes from the city as part of its winter schedule.

The new routes include Basel, Bucharest, Cologne, Lisbon, Marrakesh, Nice and Prague. The airline said the expansion at Dublin is a result of the Government's decision to scrap the travel tax from April 1.