Ryanair considers pay freeze + Edinburgh trust hires – Daily Business

Ryanair chief executive Michael O’Leary has warned that higher fares may not be enough to offset high fuel prices sparked by the US-Iran war.

Soaring costs over the first half to the end of September saw profits at the Irish airline fall 15% to €2.15 billion, from €2.54bn during the same period last year.

Ryanair is facing a projected €2bn increase in fuel bills in its next financial year and may have to impose pay freezes and other labour-related cuts, including increased use of artificial intelligence in back-office and support, said Mr O’Leary.

“Unless there is a swift resolution of the Middle East conflict, we expect jet-fuel prices to remain elevated well into 2027,” he said.

Ryanair has hedged 80 per cent of its fuel at $67 a-barrel up to 31 March, but a doubling in the cost of the unhedged 20%contributed to a 10% increase in costs over the six months to 30 September.

Revenue rose 3% during the six month period, but average fares fell by 4% to €57.50.

EWIT hires directors

Edinburgh Worldwide Investment Trust has appointed Paul Fincham and Nick Stewart as independent non-executive directors.

Both are independent under the Association of Investment Companies’ code and will join the audit and management engagement committee as well as the nomination committee.

Mr Fincham brings corporate finance and closed-ended fund launch/reconstruction experience and Mr Stewart brings more than 25 years in financial services, governance, risk management and capital-allocation advisory.