17th Sep 2013 16:36
An item published at 1443 BST on Monday September 16 gave incorrect details of Ryanair's future growth. The correct version follows:
LONDON (Alliance News) - Ryanair Holdings PLC Monday said it had signed a ten-year growth agreement with Manchester Airport Group, the owner of London Stansted Airport, that will see Europe's largest low-cost carrier grow its traffic at Stansted by 50% to over 20 million passengers a year.
The deal means Stansted will remain one of Ryanair's main hubs. The planned growth at the airport northeast of London will account for up to a quarter of Ryanair's growth over the next five years. Ryanair expects its Stansted traffic in the first year of the ten year deal to grow to over 14.5 million passengers, from 13.2 million this year, and to over 20 million be the end of the deal.
The Irish carrier is well known to be tough on airport operators when it renegotiates airport deals, and has previously pulled out of airports altogether when it doesn't feel it is getting the right terms.
Chief Executive Michael O'Leary said it agreed to grow at Stansted in return for lower costs and more efficient facilities.
The deal was very important to Stansted as Ryanair is the biggest airline at the airport.
Ryanair said it would add new routes to Bordeaux, Dortmund, Lisbon and Rabat from Stansted next summer.
Ryanair shares were Monday quoted at EUR6.352 in London, up 2.9%.
By Samuel Agini; [email protected]; @samuelagini
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