Ryanair announced increased annual profits this morning in spite of higher oil prices and the recession (particularly in its native Ireland, of course).
Reading through the newly released annual report for a quick article on Closer Analysis, I came across this chilling but rather illuminating statement:
"Higher oil prices [in the] winter...makes it more profitable to tactically ground up to 80 aircraft (40 last winter) rather than suffer losses operating them."
So if, like me, you've ever been stranded at a far-flung airport after a cancellation blamed on bad weather — in spite of the weather being pretty ordinary at both ends of the flight — there's a good chance this is the reason. We've long suspected it, but it's, er, refreshingly honest of Ryanair to put it in writing for us.