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Ryanair cuts profit forecast due to sterling weakness
October 18, 2016 / 6:20 AM / a year ago

Ryanair cuts profit forecast due to sterling weakness

DUBLIN, Oct 18 (Reuters) - Ryanair cut its profit forecast for the year to March by 5 percent on Tuesday due to the fall in the value of sterling and said average fares would fall by up to 15 percent during the winter.

“We would caution that this revised guidance remains heavily dependent upon no further weakness in H2 fares (-13 percent to -15 percent) or sterling from its current levels,” Chief Executive Michael O‘Leary said in a statement on Tuesday. (Reporting by Conor Humphries; Editing by Mark Potter)

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