AEROSPACE
Ryanair has reported a sharp fall in quarterly profits as it reduced fares to drive up passenger numbers. Profits fell 21% to €243m (£219m) for the three months to the end of June, as the average ticket price fell 6%.
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The Sopwith Camel, the Supermarine Spitfire and the Galileo satellite system were all built by the British aerospace industry, ensuring Britain has a trans-generational connection to aviation, having been a prime player in the sector since the foundation of the industry itself.
According to ADS, the trade organisation for the UK aerospace, defence, security and space sectors, the UK’s aerospace and defence industry generates £74 billion annually and employs 380,000 people. Despite these impressive statistics, many across the sector fear for the UK’s role as a global player in light of ongoing uncertainty.
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Hybrid-electric aircraft and all-electric aircraft are becoming increasingly popular, leading to a decline in sales of conventional aircraft.
Jet fuel is one of an airline operator’s largest costs nearly 24% in 2018, according to the International Air Transit Association (IATA). It’s a cost that has risen sharply over the past 18 months and the future looks volatile.
It’s a growing trend that presents significant opportunities for the UK, particularly regarding UK export to countries that aren’t large aerospace manufacturing nations.
British airline EasyJet has plans to fly electric passenger jets on some of its routes by 2027, plans which took one step closer to fruition in October 2018 with the announcement of a partnership with US battery-powered electric aircraft start-up, Wright Electric.
Rolls-Royce revealed plans earlier this year to develop and build its own zero-emissions plane. The company has expectations of hitting 300mph by 2020 making it the world’s fastest all-electric plane.
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