Last week Ryanair announced their half year results.
The company posted a seven per cent drop year on-year in net profits to €1.3 billion for the half-year to the end of September.
The company flew 76.6 million passengers during the half year, up six per cent, and also reported an eight per cent rise in revenues to €4.8 billion. However, its average fares dropped three per cent and costs also increased. Fuel costs rose 21 per cent, while staff costs increased 32 per cent as pilots won pay increases.
The airline has also been paying out compensation to passengers affected by strikes by Ryanair crew and air traffic control in France. The media highlight that Chief Executive Michael O’Leary said that the airline had made ‘good progress’ with the unions and predicted more airlines failures this winter: “Winter trading may be positively impacted by the rate and timing of other airline failures which is already creating a ready supply of well-trained pilots and cabin crew for  growth.” On the topic of Brexit, O’Leary admitted that disruption to flights after Brexit was ‘unlikely’ claiming such a disruption would be ‘politically undeliverable’ and lead to the fall of the government.