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10/04/2008
Ryanair Pocket €50m
Ryanair has made annual savings of more than €50m by renegotiating its airport contracts.
The budget Irish airline has also quietly extended its management pay freeze to encompass 'more than half' the airline's staff.
The cost cutting drive comes as the airline struggles with rising fuel prices. The airline's CEO, Michael O'Leary, said yesterday: "We have no success on costs in Dublin or in Stansted, but at the other 140 odd airports we fly to, there has been almost universal reductions in not just airport costs but handling costs as well."
He added that the savings have been a "very large double digit million figure", hinting at savings above the €50m mark.
Mr O'Leary also confirmed that a management pay freeze has been extended to "more than half" of Ryanair's staff and now includes all employees who aren't tied into "multi year pay-increase deals".
He said: "A pay freeze is a pretty good outcome. If profits were to fall by something like 50 percent in the next 12 months, it won't be a pay freeze next year it'll be a pay cut."
However, he admitted that the decision to freeze pay had been met with "a mixture of anger and frustration".
(DW/JM)
The budget Irish airline has also quietly extended its management pay freeze to encompass 'more than half' the airline's staff.
The cost cutting drive comes as the airline struggles with rising fuel prices. The airline's CEO, Michael O'Leary, said yesterday: "We have no success on costs in Dublin or in Stansted, but at the other 140 odd airports we fly to, there has been almost universal reductions in not just airport costs but handling costs as well."
He added that the savings have been a "very large double digit million figure", hinting at savings above the €50m mark.
Mr O'Leary also confirmed that a management pay freeze has been extended to "more than half" of Ryanair's staff and now includes all employees who aren't tied into "multi year pay-increase deals".
He said: "A pay freeze is a pretty good outcome. If profits were to fall by something like 50 percent in the next 12 months, it won't be a pay freeze next year it'll be a pay cut."
However, he admitted that the decision to freeze pay had been met with "a mixture of anger and frustration".
(DW/JM)
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