Ryanair to cut back on UK flights in favour of EU routes after B (Los Angeles, CA)

Ryanair to cut back on UK flights in favour of EU routes after B

Ryanair to cut back on UK flights in favour of EU routes after Brexit vote Ryanair Europe s largest low-cost airline will focus on growing at airports in the EU and shift its focus away from the UK following Britain s vote to leave the EU. The company which openly campaigned for Britain to stay part of the EU called the Brexit vote both a surprise and a disappointment in a trading statement on Monday morning. Ryanair said it will shift its strategy away from the UK while some clarity emerges on UK s long term political and economic relationship with the EU.In the meantime we will pivot our growth away from UK airports and focus more on growing at our EU airports over the next two years. This winter we will cut capacity and frequency on many London Stansted routes (although no routes will close) where we are already significantly ahead of our multiyear traffic growth targets the company said.But Ryanair predicted the Brexit vote will lead to a weaker sterling slower growth in the UK and EU economies and downward pressure on fares until at least the end of 2017. However it acknowledged it could create new opportunities depending on post-Brexit new regulations. There may also be some opportunities if our UK registered competitors are no longer permitted to operate intra EU routes or must divest their majority ownership of EU registered airlines. Transport stock slid in the week following the EU referendum as fears for the UK economy intensified after the UK s shock decision to leave the EU. Easyjet was one of the biggest losers on the FTSE 100 with shares closing down 22.32 per cent to 1 020p on Monday June 27. The budget airline joined IAG the owner of British Airways and Aer Lingus in warning that a drop in travel demand and a slide in the value of the pound could hurt earnings for the rest of the summer.