Lower-fare environment will shake out more loss-making rivals, says Michael O’Leary

Ryanair has issued its second profit warning in four months, blaming intense competition over the winter that prompted the Irish budget airline to cut fares.

Profits for the year ending 31 March will be €100m (£88m) lower than previous expectations, at between €1bn to €1.1bn, the company said in a statement to the stock market. That was down from the €1.1bn to €1.2bn range previously expected.

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