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O'Leary pilots Ryanair for a further five years

RYANAIR CEO Michael O'Leary has confirmed he will remain at the airline for another five years.

The airline's fleet is due to go above 400 jets by 2018 and Mr O'Leary aims to double the company's €8.65bn market value over the same period.

Mr O'Leary said that Ryanair will seize on the "likely failure" of its competitors – Air France-KLM Group has failed to earn profits on short routes – and the "withering networks" of Alitalia in Italy, Iberia in Spain and SAS in Scandinavia.

He said that this could ultimately pave the way for a shift into low-cost transatlantic flying. Ryanair plans on flying 100 million passengers a year by 2019.