Michael O’Leary is not shy of telling the truth. His message this week about Ryanair’s performance did not surprise those of us who can see through the travel industry’s hype, and who warned us all – months ago – of the likelihood of there being overcapacity this season.
Tourists crowd to catch the sunset in Oia, Santorini (Credit: iStock)
Ryanair’s average fares fell by 15% in the three months to the end of June, while profits went down by 46%. O’Leary warned the airline would have to offer more discounts in the coming months to sell many seats this August and September.
As a result, shares in Ryanair – and in other airlines – fell sharply. If Ryanair is having problems, then other carriers are too. And their problems are probably even worse.
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