Ryanair to cut fares

Ryanair to cut fares

A lot of travel companies have seen their profits drop, blamed largely on the terrorist attacks that took place in 2015. However, Ryanair have said that they've been doing just fine, and will cut airline fares by 7% this year.

The budget airline saw their annual profits go up by almost half.

With that, they're going to reduce their plane fares in a bid to grow confidence with passengers, who will now be a little jumpy thanks to the recent EgyptAir plane crash.

Ryanair posted profits after tax, up 43% to a very healthy £959 million in the year to March. They added that their passenger numbers lifted by 18% to 106.4 million over the period.

Never one to miss an opportunity to talk, the budget airline's chief executive Michael O'Leary said: "The full-year to 2016 was a year in which we delivered significant traffic and profit growth in all four quarters."

He didn't add anything daft or inflammatory either, as the new Michael O'Leary is a nice, professional man - a world away from the man who once said: "One thing we have looked at is maybe putting a coin slot on the toilet door, so that people might actually have to spend a pound to spend a penny in the future. Pay-per-pee. If someone wanted to pay £5 to go to the toilet, I'd carry them myself. I would wipe their bums for a fiver."

That's not to say the company is without opinions. The airline as a whole asked for the UK to stay in the EU: "If the UK leaves the EU then this, we believe, will damage economic growth and consumer confidence in the UK for the next two to three years as they begin to negotiate their exit from the EU and re-entry to the single market in very uncertain market conditions."

Either way, the news you're interested in, is that Ryanair will be lowering prices, which is good news. Keep an eye on those hidden costs, and you should be able to grab a cheap flight!

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