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Ryanair chief Michael O'Leary planning to double company profits to £1.5bn


Michael O'Leary

Michael O'Leary

Michael O'Leary

Ryanair chief executive Michael O'Leary has said that he is aiming to almost double the company's profits to €2bn a year over the next six to eight years.

The airline boss also said that he wants to turn the firm's website into the "Amazon for travel in Europe", offering services such as accommodation as well as flights.

Mr O'Leary's comments come after the business significantly upgraded its profit forecast for the year earlier this month to between €1.18bn and €1.23bn.

Speaking to the Financial Times he said: "We now have an opportunity with the new website to build Ryanair.com not just as the airline's website but as a kind of Amazon for travel in Europe.

"All the services will be available on Ryanair.com - hotels, Tripadvisor - we want to disintermediate all the disintermediators...We have the scale to do it."

He also ruled out making any large acquisitions, although he said that the firm could take minority stakes in rivals such as Lufthansa and Air France.

Ryanair is aiming to grow  its passenger numbers from 100m this year to 160m over the next six to eight years and increase profits to €2bn during that period.

Belfast Telegraph