13th Jun 2018 11:32
LONDON (Alliance News) - Ryanair Holdings PLC on Wednesday said it will open a new base at London Southend Airport from April next year to deliver one million guests annually.
The Irish budget airline signed a five-year deal with Stobart Group Ltd, the owner of the airport in Essex, east of London. The contract can be extended to ten years.
Stobart shares were up 6.6% to 252.00 pence following the announcement Wednesday, while Ryanair shares were up 0.2% at EUR16.18.
Ryanair said it plans to invest USD300 million into three aircraft based at London Southend Airport and introduce 13 new routes to eight European countries.
"We are pleased to add London Southend Airport to our UK base network," said Ryanair Chief Commercial Officer David O'Brien.
"We are delighted to welcome Ryanair and its guests to London Southend in 2019," added Stobart Chief Executive Warwick Brady. "We have a clear and focused strategy to grow our airport to welcome over 5m passengers a year by 2022."
Related Shares:
RYA.LSTOB.L