Ryanair takes strong action on costs

Ryanair (RYA) expects to record a €200m (£178m) loss in its first quarter as a result of the recent collapse in aviation traffic. Most of the airline’s fleet has been glued to the tarmac since mid-March and regardless of whether some flights are restored in July, the knock-on effects of the pandemic have been calamitous. The low-cost carrier anticipates carrying around 80m passengers over its 2021 financial year, well down on the the 154m travellers it had targeted for the period.