Ryanair, Europe’s leading low-cost airline, warned on Monday its profits could fall by as much as 50 per cent in its next financial year in the face of a “perfect storm” of rising oil prices, tougher economic conditions and falling fare levels.

Video : UK Daily View

Worst case scenario sees 50 per cent drop

Its share price fell more than 12 per cent in early trade but recovered to close eight cents, or 2.2 per cent, lower at €3.52.