Overcast

Overcast

max temp: 16°C

min temp: 14°C

Search

Strong growth for Ryanair despite terrorism atrocities

PUBLISHED: 17:08 01 February 2016 | UPDATED: 17:08 01 February 2016

Ryanair chief executive Michael O'Leary.
Photo: Steve Parsons/PA Wire

Ryanair chief executive Michael O'Leary. Photo: Steve Parsons/PA Wire

Budget airline Ryanair saw passenger numbers rise by a fifth during its third quarter as it cut prices to boost bookings in the wake of recent terrorist attacks.

The carrier’s decision to drive down fares in the face of weakening demand following the atrocities in Brussels and Paris sparked a 20% rise in traffic to 24.9million in the three months to December 31.

Profits after tax more than doubled in the period, up from 49m euros (£37m) in 2014 to 103m euros (£78m) while revenues rose 17% to 1.3billion euros (£1bn).

The Dublin-based airline, which is the largest operator out of Stansted, said average fares fell by 1% to 40 euros (£30) in the three months to December 31, and it has pencilled a reduction of 6% for the fourth quarter.

Ryanair said it would deliver cheaper air fares by capitalising on record-low oil prices and passing down the savings made on its fuels hedges to consumers.

The trading update came as the company also announced an 800million euro (£609m) share buy-back programme.

Chief executive Michael O’Leary said a strong first half to the third quarter had been knocked back by “weaker pricing and bookings immediately after the terrorist events in Paris and Brussels.”

He added: “We reacted to this softness by running price promotions and discounted fares to stimulate double digit traffic growth.”

Search hundreds of local jobs at Jobs24

Two district councils are celebrating the impact of young talent after taking on a record amount of apprentices this summer.

Suffolk tent hire company Events Under Canvas has received one of is most unusual commissions − to set up camp for a corporate event at the foot of a volcano.

The UK’s political climate is not doing any favours for employers’ confidence in the economy, which has fallen to the lowest level since the EU referendum, according to a new report.

Some Ryanair passengers have reported having to pay again to pick seats or take hold luggage when re-booking flights after the airline announced mass cancellations.

Leisure airline Jet2.com is to operate its first ski programme from Stansted Airport his winter.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24