Partly Cloudy

Partly Cloudy

max temp: 9°C

min temp: 4°C

Search

UK/Stansted: Ryanair profits down 8%

PUBLISHED: 10:37 19 May 2014 | UPDATED: 11:53 19 May 2014

Ryanair Chief Executive Michael O'Leary

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.

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.

Search hundreds of local jobs at Jobs24

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

Mike Spenser-Morris, of NHP Holdings, would pump millions of pounds into the proposed Travelodge and Starbucks development in Bury St Edmunds.

The UK is almost bottom of a European league table for maternity leave, according to a new study.

The business arms of two of the region’s leading water companies have announced they are joining forces to create a new water and wastewater retailer.

Over a £1,000 was raised for national gardening charity Greenfingers after Perrywood Garden Centre and Nurseries in Tiptree, Essex held a quiz night earlier this month.

Jobs will change rather than disappear over the next decade as robots are increasingly used in the world of work, a study has said.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24