Ryanair makes £1.1bn profit despite cutting fares

Chief executive Michael O’Leary says profitability doubled over three years even though fares were reduced by 13%

Ryanair announced a record annual profit on Tuesday in a vindication of its strategy of cutting fares to boost market share, and said it planned to turn up the heat further on rivals.

Its warning to competitors came as British Airways was counting the cost of its huge IT failure last weekend that left 75,000 passengers stranded.

Continue reading…

Read full original article »