Ryanair sticks to its full-year profit forecast, despite
London — Ryanair said on Tuesday that it is sticking to its full-year profit forecast this year, despite canceling thousands of flights, largely owing to a pilot shortage. The no-frills Irish carrier, which runs its business year from April to March, said in a statement that net profit rose 11% in the six months to September, and it still expected to deliver annual profit after tax of between ¤1.4bn and ¤1.45bn ($1.63bn and $1.7bn). "These strong first-half results reinforce the robust nature of Ryanair’s low fare, pan-European growth model even during a period that suffered a material failure in our pilot-rostering function in early September," said CEO Michael O’Leary. Last month, Ryanair revealed it had been forced to cancel 20,000 flights through to end-March, causing the company to take a hit of about ¤25m in its first half that is expected to reach roughly double that figure on compensation costs. The Dublin-based carrier has been hit by pilots and cabin crew being forced to t...
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