How the markets are reacting?
Shares in Ryanair fell 13pc in early trading, down at €3.13 as Dublin-based Goodbody Stockbrokers said that the statement "rang alarm bells".
"With oil prices at $90 a barrel and fear of recession in the UK and many other European economies, the current outlook for the coming fiscal year is poor," said Mr O'Leary.
"The European airline sector is presently facing one of these cyclical downturns, with possibility of a perfect storm of higher oil prices, poor consumer demand, weaker sterling and higher costs at unchecked monopoly airports," he added.
Weaker sterling? Poor demand? So why you keep adding UK bases like Bournemouth for instance? Why do you want to dominate the UK and the Republic of Ireland markets and by doing so only lowering the yields there? Just try to have a bit broader look. You could find many places in Europe where the markets are much less saturated than there. The market I know the best is a Finnish one. You have one great advantage in Finland: you are the only one low-cost carrier that counts here. Did you take profits having such a profitable position? Not at all. In spite of excellent LF's in Germany you just... reduced some flights. There you have millions of people looking for ANY amount of sun to warm them a bit during pretty harsh winters. How many destinations did you provide them in the Southern Italy, France or Spain? Not a SINGLE one. There are millions of Russians in St. Petersburg near the Finnish border. Did you use the opportunity? Not at all. And these are only examples from Finland. You'll find more such opportunities in other countries as well. But you prefer to keep fighting your dominance war in the British Isles. Just continue, maybe you'll win. But, as they say, the alarm bells are ringing. Quite loudly right now.