Ryanair estimate €500m saving in fuel

Speaking in Milan today, Ryanair's Deputy Chief Executive Michael Cawley said that the airline hopes to save €500m in fiscal 2009 / 2010 due to better fuel hedging. "Most of the savings will be reinvested in promoting lower fares", said Mr. Cawley, adding that the savings were as a result of a bad fuel hedging strategy last year and a good strategy this year. During the presentation in Milan it also emerged that Ryanair are still on target to achieve 67m passengers this year, up from last year's 58 million. Mr. Cawley also said that the growth in passenger numbers this year would be an organic growth, "without acquiring other airlines."

Posted 090415