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Irish airline Ryanair said it had pulled out of talks to buy 200 aircraft from Boeing and would now trim investment from 2011 to cut costs and free up cash to pay to investors, lifting its shares. The low-cost carrier, close to being Europe's biggest airline, said on Friday it aimed to reduce capacity growth from 2011 and return surplus cash to shareholders from 2012-2015.
"It is appropriate to return these surplus funds to shareholders if we cannot use them to purchase aircraft on terms which enable us to meet our demanding return on cpital targets," chief executive Michael O'Leary said.
Analysts said Ryanair would not be able to meet its long-term earnings target if growth slowed or ended after 2012, forcing it to eventually increase average fares. "Given the already low cost base, further significant unit cost savings will be difficult to deliver," Arbuthnot said in a note. Ryanair shares were up 5.4 percent at 1000 GMT, to be the top gainer among leading European stocks.

Copyright Reuters, 2009

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