By Luke Thomas
Ryanair chief executive Michael O’Leary says the company will steal market share from European rivals to propel growth, aiming to double passenger numbers to 300m per year within a decade.
Speaking to the Financial Times, O’Leary said: “I think the thesis that there’s no more growth in Europe, [and that] Europe is completely tapped out, is wrong.
“As long as we don’t do something stupid — which is a daily challenge in this industry — we will continue to wipe the floor with every other airline in Europe.”
No airline has yet reached 300m passengers in one year, with industry experts sceptical about unbridled passenger growth given a basic lack of demand and broader constraints on the aviation industry through carbon taxes.
O’Leary recognises a slowdown ahead, predicting Ryanair’s growth will moderate at four to five per cent a year. But he sticks to an optimistic forecast for record passenger numbers, coming on the back of this month agreeing a $40bn deal with Boeing for 300 new short-haul aircraft.
With 168m passengers expected for the year to the end of March, Ryanair is already the largest carrier in Europe by passenger numbers and thrived post-pandemic by pivoting to lesser tapped Eastern European markets.
O’Leary has become synonymous with the Ryanair brand, but his contract ends in 2028 and he now focuses on strategic oversight of fleet development and funding instead of hands-on management.
“I think in the early days when we were turning this thing around… I was the key man, it depended on me. I made all those decisions.
“It’s too big now,” he said.
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