Ryanair shares up despite sterling hit

Ryanair shares rose over 2.5% even as the airline cut its profit guidance as the slump in sterling following Britain’s vote to quit the EU weighs on fares, after previously holding out against a revision.

Net income in the year ending March 31 will increase by about 7% rather than the 12% previously estimated as sterling’s slide has a bigger than anticipated impact on yields, said chief executive Michael O’Leary, who spoke out against the risks of Brexit on various media shows in Britain in the run-up to the poll.

The pound has slid 15% against the euro since the June 23 referendum, reducing the value of sales in a UK market that is Dublin-based Ryanair’s biggest, with a quarter of revenue, when translated into euros.