Sunny

Sunny

max temp: 23°C

min temp: 15°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Strong growth for Ryanair despite terrorism atrocities

17:08 01 February 2016

Ryanair chief executive Michael O

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.”

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Mark Pendlington, chair of the New Anglia LEP.

Businesses in Suffolk and Norfolk will this week be urged to put their weight behind plans for a devolution deal with the Government, giving the region greater powers to boost growth and employment.

BHS is closing down in Ipswich

BHS staff in Ipswich have still not been told when the store will close, the Star understands.

Barclays chief executive Jes Staley.

Banking giants will dominate reporting this week, with the City looking out for any Brexit concerns when Barclays and Lloyds deliver their half-year results.

An artist's impression of the new look planned for the former BBC Television Centre bulding in the White City area of west London.

Mildenhall-based English Architectural Glazing (EAG) has won a major contract to carry out work as part of the multi-million-pound regeneration of the former BBC Television Centre in London.

Laurence Johnson and Daniel Le Sauvage of Urban Vintage in Framlingham.

An award-winning independent men’s fashion retailer from Suffolk is celebrating its new store opening today with special offers and free drinks.

HOT JOBS

Show Job Lists

Most read

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24