Ryanair issues profit warning as winter fares fall

Lower-fare environment will shake out more loss-making rivals, says Michael O'Leary

Ryanair has issued its second profit warning in four months, blaming intense competition over the winter that prompted the Irish budget airline to cut fares.

Profits for the year ending 31 March will be a100m (88m) lower than previous expectations, at between a1bn to a1.1bn, the company said in a statement to the stock market. That was down from the a1.1bn to a1.2bn range previously expected.