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Ryanair predicts record year despite cancellations

Tuesday, October 31, 2017 - 01:01

Ryanair says it is on course to post record annual profits despite a rostering mess-up that forced it to cancel 20,000 flights. Laura Frykberg reports.

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Ryanair - on course to post record annual profits. And expand by 50 percent over the next six years. A welcome change in forecast for investors in the Irish firm. Since last month it's seen a billion euros wiped off its share price. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "I think that is optimistic given the problems that we've seen over the course of the past two months given the number of clients or customers potential customers that this particular spat has deterred." That turbulence - caused by the cancellation of 20,000 flights since last month. Which the company's blamed on a mess up with the pilot roster. Ryanair says it's now replacing its rostering team and hiring around 40 to 50 pilots per week. Many of them, those made redundant by the bankruptcy of Britain's Monarch Airlines Ryanair says it's also looking at pay increases for its pilots. At a cost of around 100 million euros per year. The company's turnaround so far liked by shareholders. Stocks in the firm were up 5 percent in early trade.

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Ryanair predicts record year despite cancellations

Tuesday, October 31, 2017 - 01:01