Ryanair blames fall in sterling for cut in its full-year net profit guidance

Ryanair has reduced its full-year net profit guidance by 5% from a previous range of €1.375bn - €1.425bn to a new range of €1.30bn - €1.35bn.

The budget airline said the main reason of the slightly lower growth is the 18% fall of sterling after Brexit, which they say will reduce average fares in the second half of the year by between 13% to 15% as opposed to the previously forecast 10% to 12%.