Ryanair chief executive Mr Michael O'Leary said today the airline expects the tough trading conditions in the airline industry to continue and this coming winter will be "particularly difficult".
Mr O'Leary made his comments as the airline unveiled a staff share-option scheme.
Under the scheme full-time permanent employees will receive options worth on average 20 per cent of their pay at a strike price of €4.41. Eligible staff will receive at least €4,200 under the scheme.
This is the second tranche of shares issued to staff since the company floated in 1997 and, as it is approved by the Revenue Commissioners, qualifies for capital gains tax of 20 per cent.
Since 1998, Ryanair has issued over 30 million shares to staff at a value of over €130 million.
Outlining the share-option scheme, Mr O'Leary said: "We expect the very tough trading conditions to continue and be particularly difficult this coming winter. This new scheme reflects the current low share price and allows our people to share in future increases of the share price."