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Ryanair warn on lower profits amid increased competition

Ryanair has warned that increased price competition and “softer economic conditions” in Europe have squeezed profits.

The low cost airline has lowered its traffic target for the coming year and launched an aggressive seat sale plan in order to stimulate bookings.

Profits rose just 1%, despite a 2% rise in ancillary revenues - generated from booking and baggage fees amongst other items.

Ryanair have lowered their full year profit guidance from €570m to approximately €510m. Unit costs have been driven by higher fuel prices.

CEO Michael O’Leary said he was pleased with traffic growth and the opening of seven new bases with 116 new routes.

This was posted in Bdaily's Members' News section by Tom Keighley .