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The rapid rise in fuel prices will in turn mean that there will be fewer players in the aviation market in Europe as more and more airlines go bust, according to Howard Millar, deputy chief executive and chief financial officer of Ryanair at the ACCA Ireland’s Business Leaders’ Forum in Dublin on Thursday 22 May.

Continued Mr Millar,  “The survivors of the perfect storm will be those airlines who have a low cost base and a very strong balance sheet like Ryanair.  There will be a wave of consolidation in the European airline industry following a dramatic reduction in seat capacity, which will largely commence next winter and the airlines that survive the storm will take a greater market share.  In the future in Europe there will be three large, full service mega carriers and one or possibly two very large low fare carriers, including Ryanair”. 

The Business Leaders Forum was sponsored by Ulster Bank. 

ENDS

For reference:
Siobhan Glynn
Senior communications officer, ACCA Ireland
087 286 7114
Siobhan.glynn@ie.accaglobal.com

Or

Barbara Elliott,
Touchstone Communications
01-2937956 / 087-2933580
barbara@tstone.ie

ACCA is the largest and fastest-growing international professional accountancy body and has 325,000 students and affiliates and 122,400 members in 170 countries. Over 18,500 students, affiliates and members live in Ireland.

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