Ryanair's profits take a pounding as currency plunges
Ryanair became the latest airline to warn over the impact of the plunging pound, as it said full-year profits would take a hit. The Irish carrier blamed an 18% fall in the value of sterling since the Brexit vote, as it cut its annual earnings forecast by 5%.
It said fares fell more than expected in the first half of its financial year - down 10% - and were now set to drop by up to 15% in the final six months, as the Brexit-hit pound takes its toll.
Ryanair now expects full-year earnings of between €1.30bn (£1.17bn) and €1.35bn euros (£1.22bn), down from the previous range of €1.38bn (£1.24bn) to €1.43bn euros (£1.28bn).
It comes after rival easyJet revealed a £90 million impact from the falling pound earlier this month, on top of at least £125 million in lost profit, after a combination of terror attacks across Europe, Egypt and Tunisia, as well as air traffic control strikes in France and political turmoil in Turkey.