HalesandPace - I believe that's true, though it is relatively common for growth companies to rely on the increased asset growth (and share price increase) rather than paying dividends.
Interestingly, this just off the wires:
Ryanair Holdings plc have been notified by Putnam Investment Management, LLC and The Putnam Advisory Company, LLC (together 'Putnam') that their clients hold beneficial interests in 17,432,915 Ryanair
Holdings ADR shares.This representing 4.822% of the Ryanair Holdings ADR shares outstanding.
ADRs are American Depository Receipts; basically the shares issued for the US market.