Ryanair CE says Brexit set to weigh on profit for 4 years

Ryanair CE Michael O’Leary said the fallout from Britain’s decision to quit the EU will weigh on the carrier’s profit for as long as 4 years. The process of the UK negotiating its way out of the bloc, which could take 2 to 4 years, is set to depress yields the CE said Tuesday. O’Leary stuck to forecasts for profit in the current fiscal year of E1.38b (US$1.55b) despite the risks posed by the aftermath of the ballot. “The outlook for the UK economy is poor,” O’Leary said. “This will mean slower GDP growth in the UK and European economies.” The carrier has already put in place contingency plans including shifting growth away from the UK for the next 2 years, affecting its base at London Stansted already this winter season. As part of the adjustments, the carrier won’t be assigning any of about 50 new aircraft due for delivery this year to UK routes. <br/>