Ryanair to ground 10pc of fleet

Ryanair, the low-cost Irish carrier, will this week announce plans to ground at least 10 per cent of its fleet over the winter, according to analysts.

The company, which is reporting full-year results, is also set to slash profit forecasts for the current year because of the soaring oil price.

Michael O’Leary, the outspoken chief executive, has already warned that if oil prices go to $135 and the yields earned from passengers fall by 5 per cent this year, the company will only manage to break even.

Guardian