(Sharecast News) – Airlines were out of favour after low-cost carrier Ryanair sounded a cautious note about winter demand despite posting better-than-expected first-quarter profits. Rivals easyJet and Wizz Air were both down more than 5% on the sentiment.
Ryanair forecast fares rises of a low double digit percentage between July and September.
However, chief executive Michael O’Leary said the carrier would probably have to cut fares this winter as capacity increased 25% from 2019 pre-Covid pandemic levels.
“We’re concerned about the impact of these macroeconomic trends. Consumer price inflation, higher interest rates, higher mortgage rates might affect consumer spending in the second half of the year,” O’Leary said.
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