Ryanair announces price drop as airline set to slash summer fares
manchestereveningnews.co.ukRyanair has announced that travellers can expect "materially lower" airfares during the peak summer period compared to last year.
It comes as the airline said it had seen a significant drop in quarterly profits. On Monday, the Irish budget airline revealed that its profits had fallen by 46 per cent - to €360 million (£303 million) - for the quarter ending June 30.
The carrier put the fall in profit down to reduced ticket prices throughout the spring season. Ticket prices dropped by an average of 15 per cent to €42 (£35), while the number of passengers increased by 10 per cent to 55.5 million, according to the company's latest financial results. READ MORE: The destination named best value holiday resort a flight from Manchester Airport Michael O'Leary, Ryanair's Chief Executive, commented: "While (second-quarter) demand is strong, pricing remains softer than we expected, and we now expect (second-quarter) fares to be materially lower than last summer." Despite the decline in fares, the growth in passenger numbers helped to mitigate the impact on revenue, which saw only a slight decrease of 1 per cent to €3.63 billion (£306 billion).
The airline anticipates an 8 per cent rise in passenger figures for the current financial year. The latest figures indicate a potential end to the surge in prices that airlines experienced post-pandemic, with other carriers also issuing warnings about fare reductions.
Read more on manchestereveningnews.co.uk