BUSINESS NEWS


Ryanair confirms winter capacity cut by two million


Ryanair confirmed it will reduce its capacity growth this winter, carrying two million fewer passengers than previously forecast to reduce the amount of fuel it buys at current market prices and cut its winter losses by up to €100 million. Ryanair warned in July it would


cut winter capacity growth to 2%, with chief executive Michael O’Leary declaring: “The short-term outlook is weak. Pricing is weak.” He blamed the Gulf conflict


and resulting “oil price volatility”, suggesting: “Our competitors have no choice but to cut capacity or withdraw from some


Michael O’Leary


AirBaltic lines up €257m ‘interim’ loans for revised business plan


markets.” (Travel Weekly, July 30) Ryanair now forecasts traffic


from November to March will be “broadly flat” year on year, following a 5% rise in passengers on 2025 this summer but with fares “modestly down” on last year. The airline warned that if high


oil prices continue through to next summer: “Short-haul fares will increase, and some less well-hedged competitors will struggle to maintain capacity or even survive this winter”.


High oil prices are increasing the financial pressures on smaller, less well-capitalised airlines, leading regional carrier AirBaltic to announce €257 million in “interim financing” last week. The Latvian airline


reported it has agreed loan terms with bondholders and third-party finance providers, subject to approval by other bondholders and shareholders, with €180 million to be made available following approval and another €77 million when additional conditions are met. The financing is short term, with


the bonds to be repaid by February next year.


AirBaltic chief executive Erno


Hildén said: “Our revised business plan requires us to take decisive steps to strengthen the company’s financial position. This financing would give us the necessary time and resources to put those measures into action.” The carrier, based


in Riga, flies daily from


Gatwick to Riga and Tallinn. Separately, Norse Atlantic


Airways reported a near 60% cut in its August schedule and a 32% reduction in passengers after switching capacity to leasing and charter operations while exploring a potential sale or merger. The carrier sought fresh financing in June.


Jet2 to move to LSE’s Main Market Ian Taylor


Jet2 reported strong summer trading off the back of “sustained demand” at its annual general meeting last week and announced plans to move its shares listing to the main London Stock Exchange (LSE). It said the move, likely before


the end of Jet2’s financial year next March, was based on the company’s “track record of growth”. The group currently lists on the LSE’s alternative investment market (AIM) for smaller, growing companies. The UK’s largest tour operator


and third-largest airline also announced plans to operate 8% more capacity this winter than last, making 5.9 million seats available. This follows a 7.6% rise in


capacity to 19.9 million seats this summer, with passengers booked to date up 8.8% on last year and growth across packages and flight-only.


travelweekly.co.uk The company noted: “Customers


have continued to book closer to departure throughout peak summer.” But it reported a booked average


load factor up 1.5 percentage points year on year to the end of August “underpinned by attractive pricing” as it has continued to discount fares. Jet2 reported its Gatwick


operation, launched at the end of March, performed “ahead of initial expectations”, supported by “stronger- than-expected” package sales. The airline will increase its


number of aircraft at Gatwick to seven next summer. Most of the added seats this


winter will be from Gatwick, with an extra 400,000 on offer, but more “disciplined growth” of 0.6% across Jet2’s 13 other bases. The group reported early indications of “similar booking trends to summer” this winter, with passengers booking closer to departure than previously.


Jet2 will operate 8% more capacity this winter Chief executive Steve Heapy said:


“This is the right time to announce our intention to move to the (LSE) Main Market, reflecting the scale of the business, our track record of delivery and the opportunities that lie ahead. The sustained level of demand through the peak summer season gives us confidence for the remainder of the financial year.” The Jet2 board described the


market move as “a natural next step in Jet2’s development”, providing “a


platform to support development and enhance visibility with a broader range of institutional investors”. The company will likely join the


FTSE 250 share index. Rival easyJet will move from the


FTSE 250 to the FTSE 100 from September 21 following an LSE quarterly review. Its ‘promotion’ follows the easyJet board’s acceptance of a £5.7 billion takeover by US private equity firm Apollo Global Management in August and a leap in its share price.


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