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Ryanair Plans to Double Its Share of Short-haul European Market

After posting a record annual profit of €569 million, despite rising fuel costs, Ryanair is now looking to double their share of the short-haul European market.  The budget carrier currently has about 10% of the market and wants to increase that to 20% within the next five years.  The plan is to take customers away from the “legacy” airlines, such as British Airways, Iberia, and Lufthansa and increase their passenger numbers by over 50 million per year by 2018.

 

The airline’s post-tax profit increased by a whopping 13% from April 2012 to April 2013 and revenues grew by the same amount, reaching €4.9 billion.  This increase in revenues came despite the fact that the airline’s fuel bill was €290 million and made up 45% of its costs this past year.  Much of the increase in Ryanair’s profits was due to customers spending more on extras, such as the airline’s reserving a seat or traveling with a suitcase.

The above article is a summary.  Please see the source article at Google News.

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