Ryanair issues air fare warning as profits drop

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Ryanair has said airfares will be “materially lower” over the peak summer months than last year, as it reported plummeting quarterly profits. Chief executive Michael O’Leary said: “While demand is strong, pricing remains softer than we expected, and we now expect fares to be materially lower than last summer.” The rise in passengers limited the hit to overall turnover, with revenues falling just 1% to 363 billion euros. open image in gallery Ryanair chief executive Michael O’Leary said demand is strong but pricing remains softer than expected Earlier in July, Jet2 said there would only be “modest” price increases this summer amid a wave of later bookings to its European destinations. He said: “In the last 10 days of June we suffered a significant deterioration in European air traffic control capacity which caused multiple flight delays and cancellations, especially on first wave morning flights.” “ more urgent than ever that the new European Commission and Parliament deliver long-delayed reform of Europe’s hopelessly inefficient air traffic control services.” Last week flights across Europe were cancelled due to the global IT outage.