Shares in low-cost carrier Ryanair were down almost 10 per cent today as it lowered its full-year adjusted profit forecast, blaming higher oil prices and lower traffic amid a series of strikes by its crews.
The Ireland-based group on Monday cut its outlook from €1.25bn – €1.35bn to €1.1bn – €1.2bn.
The group’s chief executive, Michael O’Leary, added: “While we successfully managed five strikes by 25% of our Irish pilots this summer, two recent co-ordinated strikes by cabin crew and pilots across five EU countries has affected passenger numbers (through flight cancellations), close in bookings and yields (as we re-accommodate disrupted passengers), and forward air fares into Q3.
“While we regret these disruptions, we have on both strike days operated over 90% of our schedule.
“However, customer confidence, forward bookings and Q3 fares has been affected, most notably over the October school midterms and Christmas, in those five countries where unnecessary strikes have been repeated.”
