Budget airline Ryanair has announced a 20% drop in profits for the year 2018, causing its shares to tumble by 6%.
The company has posted a post-tax profit of €1.02bn for its 2018 financial year, which ended on March 31. This is the weakest annual profit in four years. Ryanair predicts an even poorer profit for its coming fiscal year, which will include the newly acquired Laudamotion airline for the first time.
Ryanair expects passenger number to grow to 153m in the year to March 2020.