Ryanair boss still bullish

Date: Wednesday 13 Aug 2008

Ryanair’s pugnacious boss, Michael O’Leary, has predicted that the Irish no-frills airline will be among the few European carriers to grow strongly this winter.

Speaking in a BBC interview, Ryanair’s chief executive officer conceded it was possible that the airline would lose money this year but if it did so it would be “a small amount of money.”

“Essentially, this year we will break even during a year when oil has doubled,” O’Leary said.

O’Leary reiterated the company’s willingness to suffer short-term pain in order to syphon business away from rivals such as British Airways which, O’Leary observed, is suffering a decline in short-haul traffic.

Late last month Ryanair indicated it expected full year results to show losses of between zero and €60m.

“On the basis of our existing fuel hedges, Q4 oil prices at approx. $130 per barrel, and average fares falling by 5% for the full year, we expect to record a full year result of between breakeven and a loss of €60m,” O’Leary said in a statement accompanying first quarter results.

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