Ryanair has today posted a loss for its key summer period for the first time in decades. It also warned that the Covid-19 crisis could force further cuts and leave capacity next summer as little as half of normal levels.
Europe's largest low-cost airline said Covid-19 restrictions had pushed passenger numbers down 80% in the six months ended September 30, when it typically makes most of its annual profit.
Instead, it posted a loss of €197m for the first half of its financial year, compared to profit of €1.15 billion the same time last year.
A company poll of analysts had on average forecast a loss of €244m. The airline, whose group chief executive Michael O'Leary in September described the upcoming winter as a "write-off", declined to