JUST IN: Ryanair plans to slash fares this year as profits soar to £1 billion – Naturally, the airline has no plans to remove all those annoying fees they love to charge – £8 for a ‘Standard ’ seat, anyone? – @AceFinanceNews

#AceFinanceNews – May.23: Ryanair plans to slash fares this year – as profits soar to £1 billion

Ryanair is going to slash fares by up to 7% this year after raking in £1 billion profit – with profits soaring by 43% this year.

Naturally, the airline has no plans to remove all those annoying fees they love to charge – £8 for a ‘Standard’ seat, anyone?

The Dublin-based carrier said it expects to reduce fares as it bids to maintain market share across a European airline industry that has been hit by the terror attacks in Brussels and Paris.

The impact of the recent EgyptAir plane crash may further weaken the appetite for international travel over the coming months.

The cuts in fares come as Ryanair posted profits after tax up 43% to 1.24 billion euros (£959 million) in the year to March compared with a year ago, just short of City forecasts of £1.3 billion (£1 billion).

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