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Ryanair concentrating on cash, could be debt free by 2023 - CFO

Reuters
A Ryanair plane prepares to land at Manchester Airport in Manchester northern England, March 31, 2016. REUTERS/Phil Noble

DUBLIN (Reuters) - Ryanair plans to finance itself through cash generation in the coming months and if it continues to do so, could be debt free by 2023 when 1.7 billion euros (1.30 billion pounds) of recent debut bond issuance matures, its finance chief said on Thursday.

"This year we're probably going to concentrate more on cash because at the moment the carry cost on one percent debt is just that little bit too expensive for us," Chief Financial Officer Neil Sorahan said in a speech.

"We have very strong cash balances and despite having returned 4.4 billion euros to our shareholders over the last eight years we still remain cash positive in the business. If we keep going the way we are going, we could be debt free by 2023."

(Reporting by Padraic Halpin and John Geddie; Editing by Keith Weir)