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Need a Hotel terminates Ryanair deal
Ryanair’s online hotel provider Need a Hotel has severed its agreement with the budget airline.
The deal will be terminated at the end of the year, the airline announced today while revealing a half year net profits rise of 39% to 329 million euros.
The decision by Need a Hotel came despite Ryanair revealing a 27% rise in ancillary revenues in the six months to September – growth which outstripped the rise in passenger volumes.
Ryanair CEO Mchael O’Leary said: “While the terms of our agreement are confidential, we anticipate that returns for the remainder of the fiscal year will remain unaffected.
“We are confident that we can replace Need a Hotel without affecting the returns this business generates.”
Meanwhile, Ryanair said fuel costs had risen by 42% to 337 million euros in the six months. But the airline had used the recent weakness in forward oil prices to hedge half of its requirements for the October-December 2007 quarter – a rate 10% lower than this year.
O’Leary, who used the half year results announcement to continue his criticism of airports operator BAA and “indept” security measures at Stansted, said he remained cautious about the outlook for the remainder of the financial year.
Report by Phil Davies
Phil Davies
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