Ryanair to use summer profits to slash winter fares

Dublin

RYANAIR raised its annual passenger growth target to 14 per cent on Monday, saying that it would drive capacity by using summer profits and falling fuel prices to reduce fares in the winter.

But its share price fell 3 per cent after it disappointed some investors by not boosting its profit guidance for the year after strong summer bookings, saying that it was "too early in the year" to change it.

The Irish airline, already Europe's largest by passenger numbers, expects the winter cuts to help lift its annual traffic to 103 million passengers…