Ryanair (ISEQ: RYA, LSE: RYA, NASDAQ: RYAAY) is an Irish low-cost airline with its head office at Dublin Airport, Ireland, and with primary operational bases at Dublin Airport and London Stansted Airport.

Ryanair operates 250 Boeing 737-800 aircraft on over 1,100 routes across Europe and Morocco from over 44 bases. The airline has been characterised by rapid expansion, a result of the deregulation of the air industry in Europe in 1997 and the success of its low cost business model. Ryanair is Europe's largest low-cost carrier, the 3rd-largest airline in Europe in terms of passenger numbers and the largest in the world in terms of international passenger numbers.

Ryanair has grown since its establishment in 1985, from a small airline flying a short hop from Waterford to London, into one of Europe's largest carriers. After taking the rapidly growing airline public in 1997, the money raised was used to expand the airline into a pan-European carrier. Revenues have risen from €231 million in 1998, to some €843 million in 2003 and net profits have increased from €48 million to €239 million, over the same period.[citation needed]

Ryanair was founded in 1985 by Christopher Ryan, Liam Lonergan (owner of Irish Travel Agent, Club Travel) and noted Irish businessman, Tony Ryan (after whom the company is named), founder of Guinness Peat Aviation and father of Cathal Ryan and Declan. The airline began with a 15-seat Embraer Bandeirante turboprop aircraft, flying between Waterford and London Gatwick Airport with the aim of breaking the duopoly on London-Republic of Ireland flights at that time, held by British Airways and Aer Lingus.[citation needed]

In 1986, the company added a second route – flying Dublin-Luton International Airport, in direct competition to the Aer Lingus / BA duopoly for the first time. Under partial EU Deregulation, airlines could begin new international intra-EU services, as long as at least one of the two governments gave approval (the so-called "double-disapproval" regime). The Irish government at the time refused its approval, in order to protect Aer Lingus, but Britain, under Margaret Thatcher's pro-free-market Conservative government, approved the service. With two routes and two planes, the fledgling airline carried 82,000 passengers in one year. Passenger numbers continued to increase, but the airline generally ran at a loss and by 1991, was in need of restructuring. Michael O'Leary was charged with the task of making the airline profitable. O'Leary quickly decided that the key to low fares was to implement quick turn-around times for aircraft, "no frills" and no business class, as well as operating a single model of aircraft.[citation needed]

O'Leary returned from a visit to Southwest Airlines convinced that Ryanair could make huge inroads into the European air market, at that time dominated by national carriers, which were subsidised to various degrees by their parent countries. He competed with the major airlines by providing a "no-frills", low-cost service. Flights were scheduled into regional airports, which offered lower landing and handling charges than larger established international airports. O'Leary as Chief Executive took part in a publicity stunt, where he helped out with baggage handling on Ryanair flights at Dublin airport. By 1995, after the consistent pursuit of its low-cost business model, Ryanair celebrated its 10th birthday by carrying 2.25 million passengers.[citation needed]

In 1992, the European Union's (EU) deregulation of the air industry in Europe gave carriers from one EU country the right to operate scheduled services between other EU states and represented a major opportunity for Ryanair. After a successful flotation on the Dublin Stock Exchange and the NASDAQ Stock exchanges, the airline launched services to Stockholm, Oslo (Sandefjord Airport, Torp, 110 km south of Oslo), Paris-Beauvais and Charleroi near Brussels. In 1998, flush with new capital, the airline placed a massive $2 billion order for 45 new Boeing 737-800 series aircraft.

The airline launched its website in 2000, with online booking initially said to be a small and unimportant part of the software supporting the site. Increasingly the online booking contributed to the aim of cutting flight prices by selling direct to passengers and excluding the costs imposed by travel agents. Within a year the website was handling three-quarters of all bookings. Today it is only possible to book seats via the website or via the "Ryanair direct" call-centre. No other possibilities are officially offered.

Ryanair launched a new hub of operation in Brussels South Charleroi Airport in 2001. Later that year, the airline ordered 155 new Boeing 737-800 series aircraft from Boeing at what was believed to be a substantial discount, (taking full advantage of the downturn in aeroplane orders after the slump in air travel following the September 2001 aircraft attacks in the United States) to be delivered over eight years from 2002 to 2010. Approximately 100 of these aircraft had been delivered by the end of 2005, although there were slight delays in late 2005 caused by production disruptions arising from a Boeing machinists' strike.[citation needed]

In 2003, Ryanair announced the order of a further 100 new Boeing 737-800 series aircraft.