Ryanair Holdings PLC - RYANAIR TAKING URGENT ACTION TO RESPOND TO COVID19
RYANAIR TAKING URGENT ACTION TO RESPOND TO COVID-19
Over the past week, the spread of the Covid-19 virus and associated Government travel restrictions, many of which have been imposed without notice, have had a significant and negative impact on the schedules of all
Over the past 7 days,
Ryanair expects the result of these restrictions will be the grounding of the majority of its aircraft fleet across
For April and May, Ryanair now expects to reduce its seat capacity by up to 80%, and a full grounding of the fleet cannot be ruled out. Ryanair is taking immediate action to reduce operating expenses, and improve cash flows. This will involve grounding surplus aircraft, deferring all capex and share buybacks, freezing recruitment and discretionary spending, and implementing a series of voluntary leave options, temporarily suspending employment contracts, and significant reductions to working hours and payments. We are working with our people and our unions across all EU countries to address this extraordinary and unprecedented Covid-19 event, the impact and duration of which is, at this time, impossible to determine.
Ryanair is taking all actions necessary to cut operating expenses, and improve cash flows at each of our airlines. Ryanair is a resilient airline group, with a very strong balance sheet, and substantial cash liquidity, and we can, and will, with appropriate and timely action, survive through a prolonged period of reduced or even zero flight schedules, so that we are adequately prepared for the return to normality, which will come about sooner rather than later as EU Governments take unprecedented action to restrict the spread of Covid-19".
For further information
Ryanair Edelman Ireland
Tel: +353-1-9451949 Tel: +353-1-6789333
This information is provided by RNS, the news service of the
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