RYA Ryanair Holdings Plc

By Anthony O. Goriainoff

Ryanair Holdings PLC said Friday that it is cutting all pay by 50% for April and May with immediate effect due to the coronavirus pandemic.

The budget airline said the pay cut included senior management and that this was part of the company's measures aimed at cutting operating costs in a bid to improve liquidity and cash flows.

Among the other measures taken by the company in response to the crisis include grounding aircrafts, deferring capital expenditure, suspending share buybacks, freezing recruitment and discretionary spending.

"We are engaging with our people and our unions across all EU countries to agree payroll support mechanisms as they are put in place by EU Governments," the company said.

Shares in London at 0850 GMT were up 0.4% at EUR8.59.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

April 03, 2020 05:16 ET (09:16 GMT)

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