It was the time that it started evolving as the world's most profitable airline. Michael O'Leary 's key to success was to drastically cut costs down by taking extra-ordinary decisions. But it was not the only reason of his success. He was also very innovative and shrewd in his approach. His efforts were also supported by state policies of the European countries. The briefs of Financial & operational performance of the company from 1998 to 2002 retrieved from ATI database show a great change in the financial status of the company. The increase in Passengers Revenue was $259.68 millions from 1998 to 2002. Net margins increased from 19.63% to 24.09% during this period.
Number of passengers increased by almost 300% during this period. These were not mean achievements in such a short period of time. But these statistics does not show that how daring was O'Leary in his decision making. He was never afraid of taking unpopular decision and he had complete trust in judgment. As it is famous saying that fortune favours the braves that was the case with him. Fortune also favoured him on many occasions. The difficulties came to his way never deterred him. He went on expansion spree. Ryanair was not only expanded in terms of routes and destinations but he also acquired new planes for his company. The data sheet is give herewith that shows his achievements. Numbers speak louder than words in this case.
RyanAir was successful in controlling total ...Show more