DUBLIN - Irish airline Ryanair sees no end to the constant lowering of its fares and no need to acquire any rivals to continue to grow, Deputy Chief Executive Michael Cawley said on Monday.
"We still have only 10 per cent of total market in Europe so there's plenty of scope for us to reduce fares to stimulate that growth... consequently I don't see any end to the constant reduction in fares," Cawley told Reuters in an interview.
Ryanair, which on Monday posted a 550 per cent rise in first quarter profit thanks to a large reduction in fuel costs, would fundamentally like to hedge fuel for 2011 by the end of the next quarter, Cawley said.
He added that talks with Boeing and Airbus on orders to expand its fleet beyond 320 by 2012 were in an early stage and that the Dublin-based airline would continue to grow organically, rather than through acquisitions.
"We can grow organically ourselves by pretty well the size of British Midlands or Aer Lingus every year so there's no real issue for us to have to acquire somebody to grow," he said. -Reuters