December 19, 2017 / 3:50 PM / a year ago

Ryanair says maintains FY profit guidance, no change to model

FILE PHOTO - Britain Horse Racing - Cheltenham Festival - Cheltenham Racecourse - 16/3/17 Chief Executive of Ryanair Michael O'Leary during the Cheltenham Festival Action Images via Reuters / Andrew Boyers Livepic

DUBLIN (Reuters) - Ryanair’s decision to recognise unions for the first time will not alter its profit forecast for the year, Chief Executive Michael O’Leary said on Tuesday in an interview with Reuters.

Staff costs at the airline will increase by 100 million euros in the current financial year following recent pay hikes, but rates of pay increases may moderate after that as the airline will no longer have to pay extra to attract pilots to a non-unionised airline, he said.

“We continue to hold our guidance,” of 1.4 to 1.45 billion euros for the year to March 31, 2018, he said.

“We have paid a lot of money to keep the unions out.. I suspect there will be more modest rates of increase in the years going forward,” he said.

Reporting by Conor Humphries; Editing by Adrian Croft

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