Partly Cloudy

Partly Cloudy

max temp: 22°C

min temp: 16°C

ESTD 1874 Search

UK/Stansted: Ryanair profits down 8%

10:37 19 May 2014

Ryanair Chief Executive Michael O

Ryanair Chief Executive Michael O'Leary

Ryanair said customer service was improving “rapidly” as the budget airline looks to recover from its first drop in annual profits in five years.

shares

Post-tax profits were 8% lower at 523 million euro (£426.5 million) in the year to March 31 after a price war left average fares 4% lower at a time of rising fuel costs.

Chief executive Michael O’Leary described the performance as disappointing but said efforts since September to reinvent Ryanair’s image and reputation helped passenger traffic rise 4% in the second half of the year. It has also seen better booking trends and fuller planes in the current year.

Changes have included the relaxation of bag restrictions for passengers, a reduction in baggage charges and an easing of booking conditions.

The airline, which operates more than 1,600 routes from 68 bases, has also moved to fully allocated seating on all flights, meaning that passengers who do not pay five euro (£4.10) to select their seats will be allocated them during the 24 hours prior to the date of departure.

The company expects to fly 84.6 million passengers in the year to March 31 - a 4% rise on a year earlier - although it remains “very cautious” about booking trends for the winter period.

Overall, the airline is predicting a recovery in profits for the current year to between 580 million euro (£473 million) and 620 million euro (£505.6 million). Over the next five years, the airline plans to grow to more than 110 million customers a year.

shares

1 comment

  • Ryanair are still the most annoying and frustrating airline I have ever used. I and my family have been loyal customers for many years but no more. Even though I have to go miles out of my way I have booked 4 more further flights with another airline! It's the last trick you will ever play on us Mr O'Leary Patricia Marcus

    Report this comment

    Patricia

    Monday, May 19, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

Stansted Airport, part of the Manchester Airports Group.

Independent management, design and construction consultancy Pick Everard is set to expand into the aviation sector.

Millions have been paid to passengers since 2012

There was a £900,000 increase in the amount paid to delayed passengers in just one year – from £1.4m in 2013/14 to £2.3m in 2014/15.

The new branding for Tarmac following its acquisition by CRH.

Iconic contruction brands Tarmac and Blue Circle have been combined to create a UK leader in the building materials sector.

Natasha Davies, Tom Holloway, Ollie Prescott, Rachel Wilby and Omar Khattab, the five new appointments at Cloud Media Insight.

Ipswich-based media monitoring and analysis firm Cloud Media Insight has appointed five new executives.

Anne Holt of Baker Tilly.

East Anglia’s many ports and logistics businesses are being advised to prepare for new European Union customs duty arrangements which come into force next year.

Alan Cowie, communications and events officer at the| New Anglia Growth Hub.

New Anglia Growth Hub is to host a funding workshop, bringing together five providers of business support under one roof.

The Birketts Tour de Wellbeing cycle team, from left, Matthew Potter, Ben Burt, Jolyon Berry (front) Greg Jones and Tom Shape.

Members of the employment team at regional law firm Birketts raised more than £1,000 for Breast Cancer Care by taking part in the Tour de Wellbeing virtual cycle race, held by EMCOR UK to coincide with the Tour de France.

A plane in Flybe's latest purple livery.

Regional airline Flybe has confirmed its 2015-16 winter schedule to and from Stansted.

The head office of BT, the BT Centre, in Newgate Street, central London.

Thousands of BT workers are to share in a £265million payout under share-related savings schemes which will see some employees making gains of more than £54,000.

Lloyds has added £1.4billion to its bill for compensating customers mis-sold payment protection insurance.

State-backed Lloyds Banking Group’s provision for payment protection insurance mis-selling has topped £13billion after it yesterday took another £1.4billion hit over the scandal.

Most read

Most commented

Topic pages