Michael O’Leary outlines major Brexit threat to growth in Irish tourism industry

Ryanair’s CEO advises Ireland’s finance leaders to invest in digital to drive growth and always get better in an uncertain economic climate

The Irish tourism industry is directly threatened by Brexit and its impacts, according to Michael O’Leary, CEO at Ryanair, who this morning shared his insights for business growth in tumultuous times with Ireland’s financial leaders, at the ACCA Business Leaders’ Forum in Dublin. 

Mr O’Leary explained that the potential implications of a hard Brexit present unknown challenges for all Irish businesses, and very real threats that should be taken very seriously within the affluent travel and tourism industries. Mr O’Leary strongly urged government to heed the warnings of industry leaders when considering the restoration of the air travel tax, which he said would be massively debilitating to travel in the face of Brexit, and the abolition of which in 2014 has been a leading contributor to growth in the sector.

Mr O’Leary outlined ambitious plans for the airline’s growth over the next seven years to become the Amazon of Travel as Brexit unfolds, including an increase in customer numbers by over 80 million by 2024; more than a third of Ryanair’s current customer base. 

The Association of Chartered Certified Accountants (ACCA) members and their guests heard how Ryanair long ago embraced its ethos of ‘Always Getting Better’, a customer–centric strategy of which digital and accessibility are the focal points. 

Mr O’Leary also explained how investment in the airline’s online functionality was the driving force behind its significant growth in recent years; growth that has continued throughout the Brexit turmoil.

Commenting on Ryanair’s digital direction and customer focus, Mr O’Leary said, “The reality is that the definite outcome of Brexit is unknown, but it is looking more and more like it will be a hard exit of Britain from the EU. That will most certainly impact us and our businesses, and could severely damage many industries, like travel. There’s merit in being prepared in all aspects of business, and in order to grow now, and be Brexit–ready then, businesses need to address their customer needs now. For Ryanair, that meant taking a good look at ourselves and our customers and listening to what they wanted. It was our website; it was developing our app; it was being remotely accessible and easily accessible to over 100 million customers worldwide at the touch of a button.”

According to Mr. O’Leary, businesses should be mindful of the Brexit impact, and customer–centric platforms should be adopted as a priority in response to the consumer trends that are driving growth.

He concluded, “We are in the fourth year of our ‘Always Getting Better’ campaign, and we are experiencing real growth in tandem with key business developments. It is our absolute, and yes, ambitious, objective to build on this momentum throughout the year ahead and beyond, despite external factors, whatever they may be.” 

Commenting on the event and its importance to ACCA members, Liz Hughes, Head of ACCA Ireland and Mainland Europe, welcomed the insights that Michael O’Leary gave to the Business Leaders’ Forum into the success of Ryanair, and its adaptability to economic changes and challenges, and how members can leverage these insights for their own business growth: 

“There is no doubt that Mr O’Leary and Ryanair are enjoying continued success in a time of financial and political turmoil, and the new developments that Mr O’Leary has implemented at Ryanair and subsequent growth in its customer base as a result is testament to this.

There can be a tendency for businesses to be cautious rather than ambitious in times of economic uncertainty, and to listen more to concerns rather than take note of opportunities, especially in the wake of the UK’s decision to leave the EU. Mr O’Leary certainly gives a fascinating perspective on finding the balance between caution and ambition to drive business growth for our members, regardless of their industry,” she said.

Commenting further on the importance of leadership and professional development in the current environment Ms Hughes said, “This morning marks the first forum of 2017 and we are delighted to be joined by Michael O’Leary to kick off our series of leadership events. Our members are experienced and knowledgeable and they have contributed greatly to our recovery. As the largest global accountancy body, ACCA and our members have a responsibility as business leaders and decision makers to actively embrace and invest in industry and consumer trends to support this growth in the longer term, and to support Ireland economically in the midst of challenging times,” she concluded. 

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Notes to Editors

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business–relevant, first–choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 178,000 members and 455,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 95 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

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