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WHERE DID RYANAIR GO WRONG ?

<strong>RICHARD J HUNTER </strong> HARGREAVES LANSDOWN<br />There is some disappointment around the numbers, which have come in rather below market estimates. In terms of the figures, the Aer Lingus stake has proved to be something of an albatross around the company's neck. It also had difficulty in hedging oil correctly over a turbulent period.<br /><br /><strong>DOUGLAS MCNEILL </strong>BLUE OAR SECURITIES<br />For an airline to be making any sort of profit at the moment is a significant achievement. To do so whilst expanding capacity is even more of a feat. Ryanair is having a good recession. Low-cost airlines have the advantage of having been founded more recently than the major network carriers.<br /><br /><strong>HOWARD WHEELDON </strong>BGC PARTNERS<br />When it comes to operating performance through last year, Ryanair actually managed to increase sales. But what a shame about the ridiculous investment and twin takeover attempts on fellow Irish airline Aer Lingus that forced Ryanair to take a &euro;222m writedown hit.