Fare wars take off...

Ryanair to cut ticket prices by 9%

THE prospect of a summer price war heated up yesterday as budget flyer Ryanair said it is poised to slash ticket fares by a tenth.

The Irish group said prices could drop by as much as 9% this summer from its current average of €40.30 because of more airlines switching capacity to European routes from Turkey and North Africa. Fuel costs have also plummeted.

It follows similar comments from rivals easyJet and Wizz Air in recent weeks. “It’s a competitive market out there,” said Ryanair’s chief financial officer Neil Sorahan.

“We will happily trade away fares to drive the other elements of the business.” Neil Wilson, analyst at ETX Capital, said: “The push for more bums on seats means fares are coming down.”

Ryanair said first-quarter profits soared 55% to €397million with revenues up 13% to €1.9billion. Passenger numbers rose 12% to 35m helped by Easter demand and a two free carry-on bags policy.

The group also called on the UK Government to end the uncertainty around the EU Open Skies agreement during Brexit negotiations.

It warned that if the UK left without a bilateral flight agreement, Ryanair would be forced to cancel flights and move its UK-based aircraft to the continent.