Ryanair profits plummet to £219m

The low cost airline Ryanair has reported a 21% drop in profits to £219m in the first quarter, due to lower fares and higher costs for fuel and staff.

Average fares fell by 6% during the period however, this was partially offset by 14% of higher ancillary revenue.

Chief executive Michael O’Leary said, “The two weakest markets were Germany, where Lufthansa was allowed to buy Air Berlin and is selling this excess capacity at below cost prices, and the UK, where Brexit concerns weigh negatively on consumer confidence and spending.”