It would seem that people are gradually going off the idea of cheap travel to an airfield three hours away from an actual destination, as poor old Ryanair has unveiled its biggest third-quarter loss in five years.
The number of passengers willing to be herded around like cattle actually increased by 6%, but revenues dropped as average fares declined 9%. However things are looking up now apparently, as the Irish airline claims that competitive pricing across Europe had eased off, and future bookings were up significantly.
Having issued two profit warnings last year, the airline lost £28m in the last three months of 2013, its worst performance since 2008.
Deputy chief executive Michael Cawley reckoned that the year suffered in comparison to strong figures in late 2012 boosted by the ‘post-Olympic bounce’. However their fiercest rival easyJet increased revenue 7.7% on passenger numbers growth of 4% in the same period.
To be fair to Ryanair, they are trying to turn their reputation around after being savaged as the worst of the 100 biggest brands by Which!!! magazine. They’ve been cutting baggage and boarding card fees, curbing aggressive selling and even allowing passengers to bring a second carry-on bag.