Ryanair profits soaring in spite of global financial nosedive
You might love them or you might hate them and in truth you probably feel a weird mixture of both, but it’s hard to ignore Ryanair (unless you have an abject fear of flying some other kind of weird psychological disorder).
If you’re a fan of Sky Marshall O’Leary (pictured) and his Low Frills Gang, you’ll be delighted to know that their business model seems to be working just fine, as they’ve announced an increase in profits and passenger numbers. Oh, and fares, which helps massively when it comes to the profit increase.
Ryanair’s net profit for the six months to the end of September was £477m, up 10% on the previous year. A 6% fare increase did its bit as did record half-year traffic numbers. The Sky Marshall is happy. The Sky Marshall is smiling. He *might* let us all unfasten our safety belts a little bit sooner after take off for a day or two.
But the airline has sounded a harsh warning, citing the increase in oil prices and the global economic meltdown, saying that it expected ‘market conditions in Europe to remain tough as recession, austerity, high fuel costs and excessive government taxes dampen air travel demand. Further airline failures and consolidation are inevitable,’ were the ominous words of our glorious air leader.