SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of March 2008
RYANAIR HOLDINGS PLC
(Translation of registrant's name into English)
c/o Ryanair Ltd Corporate Head Office
Dublin Airport
County Dublin Ireland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X.. Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ________
RYANAIR ANNOUNCES MANAGEMENT PAY FREEZE AND FURTHER OTHER COST CUTS AS FUEL HITS
$100 A BARREL
Ryanair, Europe's largest low fares airline today (Wednesday, 26th March 2008)
confirmed that it was freezing the pay of its senior management for 2008 as part
of a series of cost cutting measures over the coming weeks as the price of oil
rises to over $100 a barrel. From 1st April next Ryanair's current $68 per
barrel fuel hedges, expire.
Ryanair confirmed that it is reviewing all of its major costs including
airports, staffing, fuel and currency exposures and this cost reduction
programme will continue over the coming weeks. Since Ryanair is the only airline
in Europe to guarantee the lowest fares and no fuel surcharges, Ryanair must pay
for higher oil by reducing costs elsewhere.
Ryanair's Michael O'Leary said today:
"Given the enormous increase in our fuel costs, and the likelihood that
profits over the coming year may fall, it is appropriate that
Ryanair's senior management lead this cost reduction programme by
example, with a pay freeze in 2008.
"None of Ryanair's senior management team (comprising of over 30
individuals) will receive any pay increase this year unless the
current high oil prices fall, and until we can see some prospect of
profits being increased. We are working intensively on other cost
reductions, including focusing on airport costs and handling costs,
staff costs and other operating expenses, as we expand Ryanair while
lowering fares but absorbing much higher oil costs.
"Ryanair will continue to guarantee the lowest fares and no fuel surcharges
on every route we operate, This can only be achieved in a period of
higher oil prices by reducing costs in every other area. These cost
reductions will mean that Ryanair's passengers can continue to enjoy
Europe's guaranteed lowest fares, and a guarantee of no fuel
surcharges whenever they travel with Ryanair".
Ends. Wednesday, 26th March 2008
For reference: Peter Sherrard, Ryanair Pauline McAlester, Murray Consultants
Tel: +353-1-8121228 Tel: +353-1-4980300
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
RYANAIR HOLDINGS PLC
Date: 26 March, 2008
By:___/s/ James Callaghan____
James Callaghan
Company Secretary & Finance Director