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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Ryanair Holdings    RY4C   IE00BYTBXV33

RYANAIR HOLDINGS

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Ryanair : Irish Pilots Withdraw From Mediation After No Progress Is Made On Their Unrealistic Demands

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08/15/2019 | 03:22am EDT

Ryanair pilots and their union Fórsa yesterday evening (14 Aug) withdrew from Mediation talks chaired by Mr Kieran Mulvey when no progress was made on their unrealistic and unimplementable pay proposals.

At today's mediation, the Ryanair Pilots Committee and Fórsa confirmed that they are seeking pay increases of 101% on top of current annual pay of over €172,000. Ryanair Pilots are insisting on these pay demands being met, just one day after Norwegian announced the closure of its Dublin operations with the loss of over 120 crew jobs, despite the fact that Ryanair has a surplus of over 500 pilots due to the delayed delivery of over 30 MAX aircraft this winter, and just 10 weeks before a 'no-deal' Brexit could cause further disruption to air travel and airline jobs in Ireland and the UK.

Ryanair has this evening called on its pilots and the Fórsa union to return to Independent Mediation with reasonable proposals which reflect the falling airfares and profits Ryanair has recently reported, as well as the fact that Ryanair pilot pay is already 20% ahead of comparable 737 airline pilot pay in Norwegian and Jet2.

Speaking this evening, Ryanair's Chief People Officer Eddie Wilson said:

'We have done everything in our power to avoid disruption to our flights and our customers' holidays. However, no company can concede to grossly unreasonable demands from its highest paid workers for a further pay increase of over 100% (when they already agreed and received a 20% pay increase earlier this year) at a time when the airline industry is in crisis.

Ryanair pilots who are already among the best paid workers in Ireland are now threatening to disrupt the holiday travel plans of thousands of customers over the coming weeks as they demand that their pay be increased from €172,000 p.a. to over €347,000 p.a. that would see them earn more than the President of Ireland or our Taoiseach, even as Norwegian makes all of its Dublin pilots redundant. We remain willing to engage in Mediation with our pilots and Fórsa but call on them to avoid disrupting our customers' travel plans in pursuit of what are clearly unrealistic and unimplementable pay proposals.'

Disclaimer

Ryanair Holdings plc published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 07:21:06 UTC

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Sales 2020 8 337 M
EBIT 2020 939 M
Net income 2020 800 M
Debt 2020 1 085 M
Yield 2020 -
P/E ratio 2020 14,0x
P/E ratio 2021 10,7x
EV / Sales2020 1,46x
EV / Sales2021 1,42x
Capitalization 11 127 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 11,01  €
Last Close Price 10,00  €
Spread / Highest target 40,0%
Spread / Average Target 10,1%
Spread / Lowest Target -20,0%
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NameTitle
David Bonderman Independent Executive Chairman
Peter Brendan Bellew Chief Operating Officer
Neil Sorahan Chief Financial Officer
John Hurley Chief Technology Officer
Kyran McLaughlin Senior Independent Non-Executive Director
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