- Low-cost carrier Ryanair upgraded its annual guidance, saying it expected to report a shallower loss than previously expected.

The airline, however, warned that some analysts' expectations for the current financial year were too optimistic.

Net losses for the year through March 2021 were now seen at between €800 million and €850 million, compared to previous guidance of between €850 million and €950 million.

Full-year traffic was 27.5 million, down from 149 million in the 2020 financial year, due to Covid-19 government flight cancellations and travel restrictions.

Ryanair said its balance sheet remained strong with a BBB credit rating from S&P and Fitch and significant liquidity.

Year-end cash was over €3.15 billion, while more than 84% of the group's owned fleet of 420 B737 aircraft were unencumbered.

Ryanair said 2022 financial traffic was expected to be towards the lower end of a previous guidance range of 80 million to 120 million passengers.

'While it is not possible (at this time) to provide meaningful 2022 financial year profit guidance, we do not share the recent optimism of certain analysts as we believe that the outcome for the 2022 financial year is currently close to breakeven.'

At 9:57am: [LON:RYA] Ryanair Holdings PLC share price was 0p at 15.11p

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