The load factor was up in Q1 due to the timing of Easter. The average income per pax was down 13% and would have been down more if easter had not been in Q1 this year. Ryanair admit a 15-20% drop in income per pax is possible.
The have 16 more planes to pay compared to 3 months ago. come the winter they will have more parked then ever before. The business model need the assets to work very hard as every sector makes such a small income. They have gone past the point were the model works. cuts in fares to generate more traffic is pulling the price down so far that you make less income by being bigger. If we pull out of downturn the oil price will rise and kill the airline. If we stay in a downturn the yeald will keep going down to keep new pax flying.