- Budget carrier Ryanair warned its annual profit would come in at the bottom end of its previous guidance range, while declining to provide guidance for the new financial year due to uncertainty created by the Covid-19 crisis.

Net profit before exceptional items for the year through March 2020 was expected to be between €950m and €1.00bn, the company said.

Ryanair said traffic in March fall 48% to 5.7m passengers.

The company was currently operating less than 20 daily flights and said it expected its fleet to remain largely grounded for at least April and May.

It would therefore record ineffectiveness on its fuel hedges as an exceptional item in our 2020 financial year results, estimated at about €300m.

Ryanair said it had one of the strongest balance sheets in the industry, with year-end cash equivalents of €3.8bn and 327, or 77%, of its owned fleet unencumbered and debt free.

'Given the continued uncertainty on the impact and duration of the Covid-19 pandemic, it is not possible to give 2021 financial year guidance at this time,' it added.

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