Oct 31, 2017

Opening Quote: Ryanair counts the cost of cancellations

Mr O'Leary warned that ex-fuel unit costs in the first half would rise by €25m to cover compensation to the affected passengers, and the airline would incur €45m of additional pilot costs - from being forced to offer more pay to pilots - as a result of the September rostering failure. Analysts had previously allowed for an extra €50m cost for the flight cancellations, but noted that these results would not show the full extent of the problem, as the cancellations only started in the last two weeks of September. An exodus of pilots to rival Norwegian Air has forced Ryanair to move from being "Competitive" to offering "Materially higher" pay - which will actually add €100m to costs in the full year. Still, Ryanair insisted that these costs will not undermine its €1.40bn to €1.45bn profit forecast for the full year. Another cause of shared Guardian and Daily Mail outrage - bookmakers' fixed-odds betting terminals - is also going to cost some companies dearly.

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