Tuesday, 31 October 2017

Ryanair profits soar despite cancellations blunder

Ryanair has posted an 11% rise in half-year profits despite a rota blunder which saw thousands of flights scrapped.
The Dublin-based carrier's headline measure of profit after tax rose 11% to €1.29bn (£1.14bn) for the six months to the end of September and it said it remained on course to meet its full-year target.

Passenger traffic rose 11% to 72.1 million but Ryanair said growth would slow to 4% in the second half of the financial year following the grounding of 25 aircraft.

This would mean traffic of 129 million for the full year, two million fewer than had been expected.

Ryanair said the "rostering failure" had prompted it to hike pilot pay, which it now says is 20% higher than that offered by rival Norwegian. However, Ryanair remains locked in a stand-off with crews at its London Stansted base over the issue.

It said the pay changes would add €45m to its crew costs and €100m in a full year, and that it was confident it could attract the number of pilots needed to fulfil its growth plans.

SKY       News.