Ryanair shares surged 15% on Monday after Europe's largest low-cost carrier announced details of sharp cost cuts and promised a swift return to full capacity and expansion in the aftermath of the COVID-19 crisis.
DUBLIN - Ryanair shares surged 15% on Monday after Europe’s largest low-cost carrier announced details of sharp cost cuts and promised a swift return to full capacity and expansion in the aftermath of the COVID-19 crisis.
The Irish airline on Monday announced a profit of 1 billion euros for the 12 months to the end of March, slightly ahead of analyst forecasts. O’Leary said cash burn is now around 10-15 million euros per week when the cost of unneeded fuel hedges are excluded, which he described as “almost zero.” O’Leary reiterated plans to cut at least 3,250 jobs and pay cuts of up to 20%, though he said both could be reversed in the coming years as Boeing begins to deliver dozens of 737 MAX jets per year - starting with 20-30 by summer 2021.
“We need pay cuts. We need job losses, we need lower airport costs if we are going to right-size the business,” he said.
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