Flight delays can annoy customers, but delays in announcing results annoy analysts and can hurt your share price. Ryanair learned that lesson this week. Its first public announcement of results since its flotation in May must have caused some embarrassment to the company.

The results were due to be posted on the Stock Exchange screens at 2 p.m. local time. But the first announcement didn't appear until just before 3 p.m. - and that was an abbreviated version without any profit and loss account or balance sheet. The full version finally appeared about 3.45 p.m. Company spokesmen blamed modem problems at the London Stock Exchange.

US analysts were unsympathetic and were annoyed at having to talk to the company without having the full announcement. Ryanair shares fell 20p in Dublin after the announcement and $2 in New York.