Ryanair Plans To Cut Fares After A Surge In Profits Last Year

Fantastic news for anyone who loves to travel...

It transpires that Ryanair turned over a profit of €1.2bn over the past 12 months - a 43% increase on the previous year.

In the same year it also became the first ever airline to carry over 100 million international customers.

Full Year 2016 was a year in which we delivered significant traffic and profit growth in all four quarters, despite an average oil price of $90bbl as a consequence of hedges put in place in 2014, as our 'Always Getting Better' service programme is attracting millions of new customers to our lowest fare/lowest cost model
Michael O'Leary

The airline plans to cut fares by 7%, particularly in Europe, in order to maintain market share across an airline industry that has been damaged by the recent terror attacks.

(H/T Reuters.)