RYANAIR SEES FLAT PROFITS FOR NEXT YEAR - Ryanair said its profits for last year rose by 26% to €401m and its traffic grew by 8% to 72 million passengers. Ryanair opened eight new bases, and 328 new routes - it now has over 1,300 routes. Revenues grew 21% to €3.6 billion with average airfares up 12%. It says is pleased with its profits, achieved in a year of higher oil prices, the global recession, and volcanic ash disruptions in the early part of last year.
Ryanair's deputy chief executive, Michael Cawley, says that if the air traffic control authorities take a realistic and rational response to the latest volcanic eruption in Iceland, there should not be any disruption to flights from Ireland. He says that while there was a threat from the ash last year, the authorities totally over-reacted.
On the airline's results, Mr Cawley says that he is pleased with the profits figure up 26%, mainly due to the 8% increase in passenger numbers and good cost controls, despite the rising price of fuel. He says the airline saw a massive increase in activity as it engaged in much longer flights to the likes of the Canaries, Greece and Malta. Looking ahead, the airline's deputy CEO said that Ryanair is forecasting flat profits for next year as the cost of fuel continues to grow.
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INSURANCE INDUSTRY HAS STRONG GROWTH POTENTIAL - BRUTON - Representatives of 60 Dublin based international insurance and reinsurance businesses, over two days, are here at the RDS to talk about the industry. In spite of domestic issues in recent years the industry here has seen consistent growth.
The former Taoiseach John Bruton, who is chairman of IFSC Ireland, will address the forum later this morning. He says the visit of US President Barack Obama to Ireland is a tremendous event. He noted that the US is the most important source of foreign direct investment here and a good political relationship between Ireland and the US is critically important. He also says that Mr Obama is reaching out the US hand to the rest of the world, which he says will also benefit Ireland.
On corporation tax, Mr Bruton says the IMF have made it clear that increasing the 12.5% rate is not on the cards because it would make it more difficult for the country to pay off its loans. He says that the French Finance Minister, Christine Lagarde has taken a tough line on the issue due to her French commitments, but if she got the top job at the IMF, she would then take the IMF line.
Mr Bruton says that 10% of all re-insurance in written out of Ireland and says he sees good potential for growth in the industry as the country gets more competitive in areas of wages and rents and its good track record in the insurance industry. He also cites the country's talent pool for success in the industry.
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MORNING BRIEFS - On the currency markets the euro is trading at $1.4075 cents and 86.87 pence sterling.
