Ryanair told shareholders today that its bookings had been largely unaffected by the attacks in the US and said it saw no reason to adjust estimates for growth this year.
Ryanair shares have been adversely affected by the general slump in global aviation stocks and are over 25% lower since the attack on September 11. But by 3pm today, they had gained over 7% to stand at 8.10 euros - a gain of 59 cents.
Speaking at the budget airline's AGM today, Chief Executive Michael O'Leary said that the airline's forward bookings and load factors remain strong. He added that Ryanair remains committed to continuing to fly its full summer schedule without canceling flights or grounding aircraft or making people redundant.
He said Ryanair would press ahead with plans to take delivery of eight new aircraft and will open up to 12 new routes. 'We remain on target to achieve our traffic forecast of 9.2 million passengers for the current fiscal year,' he told the AGM.
O'Leary also said that the EU Commission and European governments should firmly resist any calls for state aid for airlines in the aftermath of US attacks. 'State aids don't lead to lower fares, they simply promote inefficiency,' he stated.
'If the EU Commission really want to assist the airline industry in the aftermath of September 11, it should focus on measures that reduce airline costs, because this will result in an immediate reduction in costs and air fares, which will in turn stimulate air travel, and help to limit the impact of any economic downturn on the economies of Europe,' he said.
O'Leary told the AGM that Ryanair welcomed the recent announcement from Transport Minister Mary O'Rourke that she was considering the possibility of a second competing terminal at Dublin Airport. He also urged the development of a third - and if required a fourth terminal - so that Ireland can maximise the competition between those competing terminal facilities.
In his address to shareholders, O'Leary said he was convinced the best way out of the current economic uncertainty is to 'lower fares, promote travel, stimulate business and leisure activity and fight the proponents of gloom and subsidy'.
