Ryanair will ask shareholders to approve its purchase of 175 new aircraft from Boeing on June 18.
In a letter to shareholders, Ryanair chairman David Bonderman said that the acquisition – confirmed in March by the airline – will provide it with opportunities to “successfully open new routes, establish new bases and increase frequency on certain existing routes”.
“This in turn is expected to able Ryanair to substantially increase revenues through increased passenger numbers,” said Mr Bonderman.
Ryanair aims to use the new aircraft to help boost its annual passenger numbers to 100m by 2019. It also hopes to control 20pc of Europe’s airline market by 2020.
The airline finally inked a deal with Boeing in March after years of stalemate between the pair. Ryanair wanted – and secured – steep discounts on the aircraft it ordered. It’s been estimated that it could have got as much as 50pc off the asking price.
Last week, Ryanair reported record annual profits as passenger numbers for the financial year to the end of March hit just under 80m.
Meanwhile, the UK’s Competition Commission confirmed today that it’s on track to deliver a preliminary finding this week in relation to a probe into Ryanair’s near 30pc stake in Aer Lingus. There’s speculation that the watchdog could order Ryanair to sell half its holding to ease competition fears.