Ryanair have announced good profits of EUR401 million representing a 26% increase in profits.
This is on the day that another Icelandic volcano is erupting, Mike O’leary is confident that the current volcanic eruption will not affect them.
He says that Ryanair will continue to keep their prices low although are having to raise them a little to meet rising fuel prices.
On average fares will be increasong by 12% over the next year which is around 3 times the rate of inflation. This is due to the rises in aviation fuel of around 37% in the last year.
The austerity measures in Ireland and the UK mean that there is a reduction in leisure travel and Ryanair expect a slower year as falling demand and rising fuel costs eat away at gross profits.