May 18, 2020

Ryanair profits top €1bn but outlook 'difficult'

Ryanair has announced profits of just over €1bn for the year to the end of March, saying it will weather the coronavirus pandemic and emerge stronger. The airline's profit was 13% up on the previous year's figure of €885m. Ryanair is set to cut 3,000 jobs - 15% of its workforce - as it restructures to cope with the coronavirus crisis. Ryanair said 2021 would be a "Difficult" year as it worked hard to return to scheduled flying. It said its balance sheet was one of the strongest in the industry, with cash reserves of more than €4bn. "Unlike many flag carrier competitors, Ryanair will not request or receive state aid," it added.

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