Expensive kerosene forces Ryanair to cut costs, freeze salaries, and reduce destinations

Ryanair reported a 6% increase in passenger numbers to 125.8 million, but average ticket prices dropped by 4%. The company's revenue rose by 3% to €10.08 billion, while costs increased by 10% to €7.69 billion. Ryanair has pre-purchased 80% of its fuel for the year at approximately $67 per barrel, but the remaining 20% is priced around $130. CEO Michael O'Leary noted this gives Ryanair a competitive edge. However, the airline faces a significant fuel cost increase next year, estimating an additional €2 billion expense. To mitigate this, Ryanair plans cost-saving measures, including reviewing airport agreements and staffing levels. The airline aims to grow to over 220 million passengers next year with new aircraft, while adjusting its growth target for this year to 214 million passengers.