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Ryanair cuts more flights as concerns grow about new lockdown

In September, Ryanair said it was cutting capacity by 20% and this latest round of reductions comes on top of those.

Ryanair Holdings plc -

Ryanair PLC (LON:RYA) has cut more flights next month due to the economic impact of coronavirus restrictions.

The airline said it now expects to fly 40% of flights in October compared to a year ago, against the 50% it had previously indicated.

However, Ryanair expects those planes that do take off to be fuller with up to 75% of the seats taken.

Ryanair has been a vocal critic of the quarantine measures imposed by the UK and Irish governments and blamed its latest capacity cutbacks on the 'mismanagement' of the crisis by EU governments.

In September, Ryanair said it was cutting capacity by 20% and this latest round of reductions comes on top of those.

The airline also warned it might reduce the number of flights even further if there is no return to normal air travel and economic activity over the winter.

Ryanair shares fell 4% to €12.03, though other airlines suffered more on fears a new round of complete lockdowns might be in the offing after the recent spike in infections.

British Airways owner IAG PLC (LON:IAG) dropped 12% to 113.8p, while Easyjet PLC (LON:EZJ) dropped 7% to 551p on fears of even tighter guidelines.

The UK today introduced rules limiting to six the numbers of people who can meet in groups, while local lockdowns have been imposed in the North-East, North-West, Yorkshire and the Midlands.

Scientists at the government ‘s advisory body Sage have suggested a new two-week national lockdown might be necessary in October to halt the resurgence of the virus..

Boris Johnson has insisted there will not be another national UK lockdown, though health secretary Matt Hancock has been less forthright and today said it would only be introduced as a last resort.

UK infections rose by 3,395 yesterday.

Fears of a second national lockdown weighed on shares of companies in the restaurant, pub and hospitality sectors.

Quick facts: Ryanair Holdings plc

Price: 12.13 EUR

Market: LSE
Market Cap: €13.65 billion

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