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Michael O'Leary - Chief Executive Officer, Executive Director, Member of Nomination Committee, Member of Executive Committee, Chief Executive Officer of Ryanair Limited and Director of Ryanair Limited
Neil Sorahan -
Howard Millar - Chief Financial Officer and Deputy Chief Executive
Eamonn Hughes - Goodbody Stockbrokers
Neil Glynn - Crédit Suisse AG
Andrew Light - Citigroup Inc
Gerard Moore - Merrion Stockbrokers Ltd.
Jonathan Wober - Societe Generale Cross Asset Research
Peter Hyde - Liberum Capital Limited
James Parker - Raymond James & Associates, Inc.
Tim Marshall - Redburn Partners LLP
Brian Devine - NCB Group Limited
Stephen Furlong - Davy
Bob McAdoo - Avondale Partners, LLC
Geoff van Klaveren - Deutsche Bank AG
Joe Gill - Bloxham Stockbrokers
Jarrod Castle - UBS Investment Bank
Good day, and welcome to the Ryanair Q1 Results Conference Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Michael O'Leary. Please go ahead, sir.
Okay. Good afternoon, ladies and gentlemen. You're all very welcome to the Ryanair Q1 results call. I'm here with my colleagues in Dublin. Howard Millar is joining us on force [ph] at the moment on the mobile phone from London, but we'll push on. As you have seen, the results this morning are on the website, the Investor page and the homepage. This morning, we announced Q1 net profit of EUR 139 million, a slight increase of 1% on Q1 last year. Revenues were up 29% to EUR 1.15 billion, as traffic increased 18% and average fare rose 11%. Unit costs rose by 40% due to a 49% increase in fuel costs. Excluding fuel, sector length adjusted unit costs fell by 1%.