Ryanair Plans to Buy Back Another EUR800 Million Shares After Improved Cash Flow
By Pierre Bertrand
Ryanair said it expects to complete its current 700 million euro ($764.6 million) share buyback by the end of the month and that it would purchase more shares on the back of improved cash flows.
"Given the stronger than expected cash position, the Board has decided to announce a follow-on buyback of up to EUR800m," the Irish low-cost airline said, adding that it expected to complete the fresh buyback in six to nine months.
The company said that though summer 2024 ticket prices were softer than expected, strong traffic growth and Boeing delivery delays had led to an improvement in its cash flow.
Ryanair added that not having new aircraft deliveries from mid-2025 to mid-2027 was also expected to help cut down on expenditures and improve cash flow.
Ryanair said it would ask shareholders in September to approve an increase in the amount of shares it can buy back in a year to up to 15% of issued share capital from 10% currently.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
August 08, 2024 11:47 ET (15:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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