Saturday, October 24, 2020

Fears for London tourism industry as risk of tighter restrictions looms

Fears for London tourism industry as risk of tighter restrictions looms

Eddie Wilson, chief executive of Ryanair DAC, has said the airline could be “the last person standing” at the end of the pandemic. 

Referring to the devastating losses the industry has suffered this year, Wilson told the Inside Ryanair podcast: “I think when this ends we will come back stronger”.

“If you prepare well, and better than your competitors, then you’re going to be in a better position. We have a strong balance sheet. That allows you to be the last person standing in an apocalyptic scenario.”

He said that Ryanair currently owns over 70 per cent of its aircraft, which gives it an advantage over airlines who lease theirs.

Even when our aircraft are sitting on the ground, we’re not paying expensive leases.

We have been able to deal with our people in flexing their work throughout this winter, on the basis that they can come back full time next summer, rather than going for quick redundancy.

If that makes sense for the people then it makes sense for us.

So if you’ve got the money, you’ve got the aircraft, you’ve got the people, you’ve got the cost base at the airports, then you are in a much better position than those that are scrambling around, running out of cash, looking for short-term deals all the time, selling their aircraft, firing their people.

Norwegian is gone, Easyjet are getting smaller.

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