Ryanair no longer sees risk of double-digit average fare reductions

27th Aug 2024 10:13

(Sharecast News) - Budget carrier Ryanair said on Tuesday that it no longer sees a risk of average fares falling by double-digit percentages and that a more moderate 5% fall "looks reasonably accurate" for the all-important three months ending September.

Ryanair chief executive Michael O'Leary warned in July that a downward trend in airfares could exceed 10% in the quarter but has since told Reuters that the risk now "looks like it has disappeared".

"While fares were kind of softening during April, May and June, that has levelled out," he said.

Elsewhere, Ryanair announced it will slash 20% of its traffic at Berlin's Brandenburg airport, resulting in a loss of 750,000 seats, after the German government and airport refused to meet the Irish airline's demands, including reversing an aviation tax increase and lowering air traffic control charges.

Ryanair's Berlin-based aircraft will be cut to seven from nine as six routes will be trimmed.

Reporting by Iain Gilbert at Sharecast.com