COMMENTARY: Clearing a flightpath to European domination

If Ryanair made €215m in the half-year to the end of September, and its boss Michael O’Leary is predicting the company will only break even for the full financial year, the maths is quite simple: from 1 October to 30 March, Ryanair is going to lose €215m. Aviation is an unremittingly cyclical business.