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Things Are Not Looking Great for Ryanair

Things Are Not Looking Great for Ryanair
Jackie Reddy

Earlier this week, Ryanair unveiled its Q1 results, which revealed a 21 percent drop in profits. This has been attributed to a combination of lower fares, higher fuel and staff costs and the on-going grounding of the Boeing 737 MAX. The airline has said it’ll be laying off staff and closing bases.

Earlier this week, budget airline Ryanair released its Q1 results, which revealed a 21% tumble in profits which is attributed to a combination of lower fares, higher fuel and staff costs as well as the grounding of the 737 MAX. On the back of these poor results, Aviation24.be reports that the airline is to lay off 900 members of staff.

In an internal video conference, CEO Michael O’Leary was quoted as saying that, “Currently, 500 pilots and 400 cabin crew are made redundant…we will, however, limit the amount of forced redundancies.” By the end of the month, it will select bases for closure and is expected to announce its first round of lay-offs.

The outlet reports that this will be followed by additional lay-offs through the autumn and early winter.

In addition to this, it has also been announced that O’Leary has committed to another five-year tenure as CEO. Despite the renewal of the contract, the outlet reports that his annual salary has been cut in half to €500,000 (USD $554,498) per annum while his yearly bonus will not exceed €500,000 (USD $554,498).

[Featured Image: Flickr/World Travel & Tourism Council]

View Comments (6)

6 Comments

  1. mhead110

    August 2, 2019 at 8:56 am

    Amazing– a CEO that cuts back salary when things go badly!!
    NEVER happen in the US — AND, to $550k — a different world.
    (US ratio of CEO pay : average worker pay = 354:1 UK = 84:1 Not sure about Ireland. https://www.statista.com/statistics/424159/pay-gap-between-ceos-and-average-workers-in-world-by-country/

    ah, Irish times says 33:1 in 2018

  2. strickerj

    August 2, 2019 at 3:40 pm

    Time to install those pay toilets. :)

  3. riced

    August 2, 2019 at 8:06 pm

    No one would pay to use a MAX 8 toilet anyway.

  4. OZFLYER86

    August 3, 2019 at 12:37 am

    & look out so called full service airlines. The recession is going to see many switch to the Ryanairs of this world or not fly at all.

  5. Flight44

    August 3, 2019 at 12:38 pm

    Junk airline. Let them go bankrupt.

  6. Swibbz

    August 4, 2019 at 4:08 pm

    @mhead110 you do realize O’Leary is a billionaire, right?

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