Ryanair shares plunge on profits warning

Budget airline Ryanair has seen its share price plunge today (September 4th) on the back of a profit warning issued by the firm.

The company revealed that profits could miss or be at the lower end of its range of 570 million to 600 million euros (£480 million to £508 million).

A dip in ticket prices was cited as among the reasons for this, while the company also noted booking levels for September, October and November are down.

"This is a surprise statement from Ryanair and comes contrary to some of the commentary from the peer group and indeed Ryanair's own commentary at its June investor days," said Donal O'Neill, analyst with Goodbody stockbrokers.

The share price of the firm dipped badly during trading today in response to the profit warning being issued.

At 16:06 BST, its stocks were trading 12.19 per cent lower than at the start of the day.

Last month, the Competition Commission ordered Ryanair to reduce its stake in fellow airline Aer Lingus to five per cent.

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