Michael O’Leary, of Ryanair

Joe Brennan, in The Irish Times, reports:

Ryanair has lost as much as €2.1 billion of its market value since the middle of last week, as the carrier’s move to scrap thousands thousands of flights over the next six weeks added to the impact of news on Thursday of a potentially costly European court ruling.

Shares in the low-cost airline fell as much as 4.8 per cent on Monday to €16.25, their lowest level since May, bringing its losses since markets closed on Wednesday to 9.9 per cent.

Its market value has fallen from €21.4 billion to €19.3 billion.

Ryanair moved on Friday to say it will operate a programme of flight cancellations over the next six weeks because of pilot shortage difficulties.

…The Commission for Aviation Regulation is meeting Monday to discuss Ryanair’s decision.

Cancellation fiasco and EU court woes wipe €2bn off Ryanair value (Joe Brennan, The Irish Times)

Rollingnews

UPDATE:


We want what he’s smoking.

26 thoughts on “Market Forces

    1. Rob_G

      I’m not sure; pilots are difficult to replace, cabin crew, less so.

      When the baggage handlers went on strike, they flew in people in England for the duration of the strike.

      1. MoyestWithExcitement

        Of course. Never mind that strikes are usually carried out by the unskilled (and so successful strikes are carried out by unskilled workers) right wing Rob knows of one instance that validates his world view that unskilled workers know their place so he’s ‘not sure’ if they work. Mate, you’re only fooling yourself. Get out once in a while. It’s honestly like you don’t know any actual people.

        1. Rob_G

          I’m not even sure why we are even discussing this, as I haven’t heard reports in the news of any planned industrial unrest at Ryanair, but the cabin crew are entitled to go on strike whenever they like, but pilots, who take several years to train, have a better hand to play than cabin crew, who take several weeks to train.

          The ‘one instance’ I was referring to took place within the same company, a company famously hostile to unions, so I think it is more appropriate than the unsupported assertion that you made re: successful strikes.

          1. MoyestWithExcitement

            “Unsupported assertion”. My assertion being that successful strikes are mostly carried out by unskilled workers. Are you actually claiming that there’s been no successful strikes? Were you asleep through the luas thing? Jayzus.

      2. Jesus Wept

        But who handled the baggage that the UK baggage were supposed to handle whilst they handled baggage in Ireland.

  1. newsjustin

    This is some humiliation for the company.

    Cancelling flights people are already booked on seems like the worst idea. I’d prefer to be a few hours late.

  2. Harry Molloy

    I’m reading Norwegian Air has taken 140 of their pilots. This could get aggressive! Good for the pilots though €

      1. bisted

        …O’Leary comes from the school of ‘never waste a good crisis’…I’ll bet he buys his 4 million shares back when the price dips sufficiently for him to make a nice profit and look like a white knight in the process…

  3. Frilly Keane

    when it comes to studying massive Corporate Incompetence

    this has to be there
    what a howler

    I’m stunned that such a viligent tightly controlled HR & Payroll function could end up being so incompetent as to rostering the annual leave of key functions

    imagine if the HSE approved the same fortnight holiday request for all the A&E Consultants in Dublin

        1. Cian

          Perhaps – but that was O’Leary’s excuse – he is always trying to blame others for any faults.
          I don’t know how many pilots there are in Ryanair, but 140 must be a sizable percentage to lose.

          1. scottser

            And that’s to one airline. You’d be safe to assume they’ve lost a number of pilots to other airlines.

  4. Anomanomanom

    So in long run its going to be cheaper to pay, even with all the pr, for just cancelling flight than it would to pay extra to get staff to work through their annual leave. And then this time next year when the share price goes above what it is now people will be praising O’leary, well share holders will be.

    1. Cian

      You can’t get pilots to work more hours. There is a maximum legal limit they can fly each week/month/year. When they hit that limit they have to stop.
      If you lose 140 pilots you need to replace them – you can’t just get the others to work more hours.

  5. Rob_G

    Pilots are limited in the amount of hours that they can fly within a year; if it were the case that he could ask them to some overtime, I’m sure he would.

  6. Mark Mywords

    if this was aer lingus you could imagine O’Leary.. he’d be in every paper with something to say. Now, everyone who says he should be Taoiseach, can ya never say that again please? cheers

    1. Warden of the Snort

      On the contrary, hating the poor, talking out of both sides of his mouth at once, sneering at people who disagree with him – he’s gonna make an amazing Taoiseach

Comments are closed.