- Discount airline Ryanair reported a 21% decline in profits in the three months to 30 June as pressure on fares and soaring fuel and staff costs cranked up the pressure on the company.

Ryanair reported profit after tax of €243m for the quarter, down from the €309m posted this time last year despite an 11% rise in revenue to €2.3bn and a similar increase in passengers numbers.

But a 6% decline in average fares to €36 and a 19% hike in operating costs, particularly fuel and staff, acted as a drag. Fuel costs in the period rose 24%, the company says.

Ryanair continues to guide the market for a largely flat post-tax profit performance this year to 31 March 2020 but with a wide range of between €750m and €950m thanks to 'almost zero second half visibility'.

At 8:30am: [LON:RYA] Ryanair Holdings PLC share price was +0.37p at 10.32p

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