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

RYANAIR HOLDINGS PLC

(RY4C)
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Ryanair : cuts capacity further, citing travel restrictions

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09/18/2020 | 06:08am EDT
FILE PHOTO: Ryanair Boeing 737-8AS plane takes off before all international flights will be cancelled on Monday midnight, March 16, Riga

Ryanair has been forced to cut its capacity in October by a further 20% and may have to do the same for the rest of the winter unless European Union governments ease their COVID-19 travel restrictions, it said on Friday.

The budget airline, whose Group Chief Executive Michael O'Leary last week described the winter as a "write-off", said it would fly about 40% of the capacity it flew last October, down from a previous target of 50%.

"If current trends and EU governments' mismanagement of the return of air travel and normal economic activity continue, then similar capacity cuts may be required across the winter period," a Ryanair spokeswoman said in a statement.

Ryanair's share price fell 4.5% by 0940 GMT.

The capacity reductions, it said, were required because of "damage caused to forward bookings by continuous changes in EU government travel restrictions and policies, many of which are introduced at short notice".

It called for a proposed coordinated EU system of restrictions to be implemented immediately.

Airlines across Europe have blamed an uneven patchwork of travel restrictions and quarantine rules for a stop-go recovery that has proven tougher than many expected.

Ahead of the latest cuts, O'Leary last week said that he expected to fly about 50 million passengers in the financial year to March, one third of the previous year's volume. It did not provide an updated forecast.

The airline operated capacity of about 67 million seats last winter and a 60% cut would leave its capacity around 27 million in the final six months of the current financial year, which ends on March 31.

Ryanair flew about 12 million passengers in the first five months of the current financial year and has yet to release data for September.

The Ryanair statement said it expects fewer than 30% empty seats on its October flights after the capacity cut, against an average of 6% empty seats on flights last winter.

By Conor Humphries


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Financials
Sales 2021 2 611 M 3 094 M 3 094 M
Net income 2021 -956 M -1 132 M -1 132 M
Net Debt 2021 2 324 M 2 754 M 2 754 M
P/E ratio 2021 -15,3x
Yield 2021 -
Capitalization 13 954 M 16 505 M 16 535 M
EV / Sales 2021 6,23x
EV / Sales 2022 2,42x
Nbr of Employees 17 000
Free-Float 95,3%
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Number of Analysts 23
Average target price 14,09 €
Last Close Price 12,40 €
Spread / Highest target 61,3%
Spread / Average Target 13,6%
Spread / Lowest Target -19,4%
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Managers
NameTitle
Michael O’Leary Group Chief Executive Officer & Executive Director
Stan McCarthy Non-Executive Chairman
Neil Sorahan Group Chief Financial Officer
Tracey McCann Chief Financial Officer
John Hurley Chief Technology Officer
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