Befree, I wouldn't agree that the load factor tells us a tale that Ryanair is getting the thing wrong. A large proportion of Ryanair's markets are leisure orientated, and low frequency and as a result would not do particularly well in the winter. Hence these routes are seasonal.
Ryanair's profitability is far superior and I have to agree with another post here, that fact that Ryanair's performance was in line with their strategy and the outcomes were largely as expected.
Must admit not thought of this before but based on 12 month rolling (and mix of Airframes in U2's case), FR carry 155 people on average per flight while U2 carry on average 138 per flight...........kinda gives a different perspective on load factors.
Even using March stats the numbers are still 9-10 passengers per plane in FR's favour which with ancillary income makes a difference.
Question is that will U2 be able to get 88% if they transitioned to an all A320 fleet.