Ryanair congratulates Dermot Desmond

Ryanair has congratulated Mr Dermot Desmond on his windfall sale of London City Airport for almost €1bn. Mr Desmond deserves every penny of the profit he made on what was (back in 1996) an airport that nobody wanted. Such courageous risk taking deserves to be rewarded.

Speaking this afternoon, Ryanair’s Head of Communications, Peter Sherrard, said: “The successful sale of London City Airport confirms that airport values are at an all time high. Surely now is the right time for the DAA airport monopoly to sell its shareholdings in Birmingham Airport, Dusseldorf Airport and Hamburg Airport. Given the London City Airport valuation, if the DAA were to put these airports up for sale today, they might realise over €700m. These proceeds, when added to the €300m, which the DAA has earned from the sale of the Great Southern Hotels Group, would more than pay for a second runway and second terminal at Dublin Airport without the need for any increase in passenger charges whatsoever.

“Ryanair believes that the DAA should take its lead from a savvy investor like Dermot Desmond. Now is the right time to sell airport assets, particularly when these investments make such limited dividend returns for the DAA. Why should passengers at Dublin Airport be facing years of disruption, and a 60% increase in passenger charges, when the DAA could sell these non-performing investments, realise up to €1bn, and pay for a new terminal and runway at Dublin without the need to raise passenger taxes.

“Dublin Airport passengers should not be subsidising the facilities at Birmingham, Dusseldorf and Hamburg airports. Ryanair calls on the DAA to sell these investments now and put the money to good use, building low cost efficient facilities which are so badly needed at Dublin Airport”.