Ryanair reports profit hike

Ryanair announced today that its profit after tax has grown by 204% to £267m for the year ended March 2010.

Ryanair reports profit hike
Ryanair reports profit hike

The growth was primarily credited to lower fuel costs, partially offset by a 13% decline in average fares, Ryanair said.

The low-cost airline's revenue grew by 2% in the same period, from £2.46bn for the year ended March 2009, to £2.5bn.

Ryanair chief executive Michael O'Leary said: "We can be proud of delivering a 200% increase in profits and traffic growth during a global recession when many of our competitors have announced losses or cutbacks, while more have gone bankrupt including, Bluewings, Globespan (UK), My Air, Segal Air and Sky Europe."

O'Leary also commented on the effects of the European airspace closures caused by the Iceland volcanic ash cloud.

"These closures have caused the cancellation of 9,400 Ryanair flights, and the loss of 1.5m passengers up to the 18 May," he said.

The cancellations are estimated to have cost to the airline around £42m.

O'Leary said: "The full cost of these cancellations will not be known for some time and will depend on the claims we receive under the unfair and disproportionate EU261 regulations. The recent revisions of the VAAC charts for ‘guesstimating' the position of non-existent volcanic ash "clouds" highlights the mismanagement of these eruptions by EU governments and regulatory agencies, who repeatedly and unnecessarily closed European air space."   

 

 

 

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
World Petroleum Congress set for Calgary in 2023

World Petroleum Congress set for Calgary in 2023

The World Petroleum Council of Canada and Meetings Conventions Calgary (MCC) announces Calgary as host city for its 24th Congress.

'Giving young talent a chance to be hands-on with an event is so important'

'Giving young talent a chance to be hands-on with an event is so important'

A-List 2019: Sammi Wratten, event manager at TAG.

Red Bull Racing launches MK-7 event space

Red Bull Racing launches MK-7 event space

New venue in Milton Keynes has a central auditorium, boardroom and mezzanine area, with capacity for 450 people.

Case study: Think Tank at TEDxSydney 2019

Case study: Think Tank at TEDxSydney 2019

INVNT designed and produced the main event as well as designing its own Think Tank space.

2 days left for entries to C&IT Awards

2 days left for entries to C&IT Awards

The deadline to enter the C&IT Awards is 11.59pm on Thursday 27 June, so get your submissions in!

'You can only plan 95% of an event, there's 5% you can never predict'

'You can only plan 95% of an event, there's 5% you can never predict'

A-List 2019: Abigail White, event manager, OrangeDoor.

Conference and meeting spend in UK increases by £1.9 billion

Conference and meeting spend in UK increases by £1.9 billion

Research commissioned by Visit Britain finds MICE sector in good health, with the number of meetings at venues also rising.

4 pitching tips agencies need to know

4 pitching tips agencies need to know

The pitch can be your one chance to prove your credentials so certain elements are essential, says creative director of Timebased.

'If agencies paid more attention to training they would have a higher retention rate'

'If agencies paid more attention to training they would have a higher retention rate'

A-List 2019: Sam Ward, lead projects & event manager, Brandfuel.

In pictures: The first ever C&IT Summit

In pictures: The first ever C&IT Summit

London's Congress Centre hosted an industry gathering featuring panel debates, networking and virtual reality.

LATEST JOBS