Budget airline Ryanair has warned shareholders that it will lose almost €1 billion in the current financial year as it updates investors on trading.
Passenger numbers fell 78 per cent to 8.1 million, down from 35.9 million, in the three months to the end of December. Revenue over the period fell 82 per cent to €340 million, down from €1.91 billion.
On the back of the fall in passengers and revenues Ryanair said it expected to post a loss of between €850 million and €950 million in its current financial year, which ends on March 31.
“Covid-19 continues to wreak havoc across the industry … 2021 will continue to be the most challenging year in Ryanair’s 35 year history,” the company stated.