RYANAIR TO PAY FIRST EVER DIVIDEND AS PROFITS SOAR - Ryanair has done a spectacular u-turn this morning as it turned last year's €180m of pre-tax losses into €341m of pre-tax profits. That built on a 2% increase in revenues as the airline managed to cut costs by one fifth - including reduced fuel costs. It also seems to have its pick of European airports willing to cut a deal to secure their business. The markets are very excited by the prospect of a €500m dividend payment - an abandonment of the Ryanair's long standing policy of not paying a dividend.
The deputy chief executive of Ryanair, Michael Cawley, says the ending of talks with Boeing on buying new planes meant that Ryanair had plenty of cash to pay its first dividend as a quoted company. He says the airline may pay another dividend before the end of its financial year in 2013. He also says that air fares will increase this year and says the airline is predicting that profits will rise by between 10-15% to a range of about €350-375m - on the condition that future ash clouds do not cause too much further disruption.
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MORNING BRIEFS - The former head of the Competition Authority here, John Fingleton, has emerged as the highest paid civil servant in the UK, new figures today reveal. Now the chief executive of the Office of Fair Trading in the UK, Mr Fingleton is paid an annual package of £279,999 sterling. The package includes taxable benefits and allowances.
*** On the currency markets, the euro is worth $1.2258 and 84.46 pence sterling.
