Ryanair chalks up record profits despite lower fares
Low-fares airline Ryanair has chalked up record profits over the past year as its customer service ‘Always Getting Better’ campaign begins to bear fruit.
Ryanair chalks up record profits despite lower fares
Long maligned by passengers for its penny pinching ways Ryanair has sought a less aggressive tone in recent months to keep customers onboard amidst wider turbulence in the industry, helping it towards a record profit of £1.14bn as customers flocked to the airline.
This boost in traffic helped Ryanair offset continued falls in the cost of flying with fares expected to fall a further 5 per cent at least over the 12 months to March 2018.
Despite posting a seemingly healthy set of figures Ryanair voiced concerns about possible clouds on the horizon owing to a weakened pound, terrorism and Brexit but still expects profits to rise a further 8% over the current financial year.
Commenting on the latter potential pitfall Ryanair’s chief marketing officer Kenny Jacobs voiced the airlines fears to the BBC, saying: “They (Theresa May) have indicated they will leave the European Court of Justice, that is the European institution that governs open skies, so Britain is going to leave open skies as it now stands.
"If there isn't a new bilateral [agreement] in place then you may have very restricted or no flying between Europe and the UK for a period. I think it's clear we're heading to what looks to be a very ugly divorce at the moment."
In light of this belief Ryanair is setting its sights on growth beyond Britain, adding to concerns following EasyJet's plan to move its headquarters to Europe to maintain access to the continent.