I think Ryanair are entering a critical period right now. I know they are very profitable, but they have problems coming in several directions. Many large and very profitable companies have found it very hard, in the past, to keep going in the right direction. Some have failed. I said when FR cancelled a large number of flights due to pilots having to take holidays, that they way they handled that crisis would be very telling for the future. I had a flight cancelled at that time, I had to book new flights that cost me more money. I have had a second flight cancelled now, no consideration from Fr at all. On every flight they cancel, there will be a number of pax, large or small, that will have been caused financial loss. In my case, I was connecting to another flight. Now to make that flight, I have to travel the night before and pay for a hotel room. FR will say, we are a point to point carrier, that is correct. But for many, they are embarking on more than just the Fr flight. It is the last time they will do this on me. So as they keep pissing pax off, there will be those who will vote with their wallets. There will be those who will still use them, if the fare is low enough. And that is part of the FR problem, they have no regard towards the paying pax, the pax have no loyalty towards FR.
A previous poster mentioned Bfs as a base at risk. He is probably correct. Trouble for Fr is, they have a large number of planes on order, they have to put them somewhere, they can't avoid a Bfs for ever, a 6m+ pax airport. If they can't make Bfs work, what does that mean for the many far smaller airports that they might have to put aircraft into? Most of the larger airports have Fr services. And they can't make Fra work!
Another poster mentioned culling not very profitable routes. That puts you on a path of contraction. Fr seem to be closing routes all over the place at the moment. There comes a point when that option is all worn out. They have reduced Bfs - Stn to 2 services a week. Bfs- Man goes the same way at the start of the winter timetable. What use is that to the vast majority of pax? And who thought that 2 a week is a good idea? And what if Wizzair start to take on some of the routes that FR drop? They may be profitable, but not profitable enough for Fr. Wizzair seems to be making good progress, without the bad publicity. They could make enough profit on some of those routes to keep them happy.
For years, Fr treated everyone they came into contact with with contempt. Threats, route closures, base closures you name it. Make a big reduction at Gla, blame it on APD. Expand at Edi, APD not a problem. And press never asked the question, what are you talking about? Now I think Fr have lots of issues, but no goodwill anywhere to get the help they might need. Long runs the fox!