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Business

Ryanair lifts passenger growth forecast

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Opening sequence

Business

Ryanair lifts passenger growth forecast

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COMING UP:Ryanair lifts passenger growth forecast

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00:00:00
>>
SOUND] i
hasn't been an easy ride of late Ryanair fending off competition and a falling Pound putting pressure on prices. Ryanair's solution is to keep planes full by cutting ticket prices.>> It means we have high load factors, we have strong traffic growth. Profits are not growing quite as fast, profits are only up 7% but that's because fares are down 10%.
00:00:21
>> That's good news for passengers and Ryanair plans to increase the number of those by 10% to 200 million travelers a year by 2024. It'll also return an additional 550 million Euros by February in a share buyback. That was enough to boost shares 6%. But potential Brexit storm clouds remain a worry.
00:00:43
The whole uncertainty as to whether the UK will stay in the single market, stay in open skies, leave, is very troubling. We're gonna cut capacity which we thought would have grown by 12% will now only grow by 5%.>> The UK market only accounts for around 2% of Ryanair's business and last week it announced plans to add Frankfurt main to its operations, one of Europe's busiest hubs.
00:01:06
Ryanair's certainly increasing capacity faster than most. It's planning a 13% rise this winter, 4% higher than the average, and the highest level in the industry in a decade.