1st Quarter Results

RYANAIR HOLDINGS PLC
10 August 1999

     RYANAIR ANNOUNCES RECORD RESULTS FOR THE FIRST
                QUARTER ENDED JUNE 30 1999
                
Ryanair Holdings Plc today (10 August 1999) released its
financial results for the quarter ended 30 June 1999.
Total revenues grew by 14% to IR£66.2m., as a result of
passenger volume growth of 8% to 1.27 million, and an 
increase in average yields due to a longer average sector
length. Operating expenses increased by 14%, reflecting
costs (primarily depreciation and staff costs),
associated with this growth and the launch costs of 7
new routes.  Profit after tax has risen by 17% to
IR£11.0m.  Earnings per share grew by 11% arising from
the increased number of shares in issue.


Summary of Results (UK and Irish GAAP)
Quarter End                June 30,     June 30,      %
                             1999         1998     Increase
Passengers                    1.27m        1.18m      8%

Operating Revenues         IR£66.2m      IR£57.8     14%

Profit after tax           IR£11.0m      IR£9.4m     17%

Basic EPS                     6.57p        5.93p     11%

Commenting on these results, Ryanair's CEO, Michael
O'Leary said;

     'Ryanair's continued growth in the first quarter
     reflects the disciplined rollout of our low fares
     formula between the UK and Europe.  The current
     average load factor on our seven new routes (Ancona,
     Genoa and Turin in Italy; Biarritz and Dinard in
     France; Frankfurt Hahn in Germany; and Derry in 
     Northern Ireland), is in excess of 75% which again 
     highlights our ability to grow traffic in new, 
     and existing markets, by giving customers the
     airline service they really want 'low and widely
     available air fares.'
     
     'Current growth is strong, our aircraft deliveries
     from Boeing have all arrived on schedule, and the
     introduction of our new 737800 aircraft has improved
     our operating and financial performance whilst
     generating extremely positive customer feedback.  We
     have already received the first 4 deliveries and the
     final Boeing 737-800 for this year will deliver at
     the end of August.  These additional aircraft should
     enable Ryanair to continue to grow at our projected
     rate of 20% plus per annum.
     
     'Whilst our low fares continue to enjoy consumer
     support and financial success, the trading
     environment is not all blue skies.  Some airports
     such as Manchester and Kerry have sought to increase
     costs by raising their charges or introducing
     unjustifiable passenger taxes.  We have responded by
     reducing capacity and traffic at these airports, and
     fighting these anti-consumer increases.  By
     allocating this capacity to other pro-consumer
     airports our traffic has been unaffected, but there
     are still some airport operators in Europe who
     mistakenly believe that they can increase charges
     whilst air fares continue to decline.  These
     airports will be disappointed.'
     
     'Dublin Airport which continues to be a Government
     owned monopoly has now missed out on two successive
     years of Ryanair's low fare, new route growth.  As
     a result, visitors to Ireland from Europe suffer 
     woefully inadequate facilities and excessive air fares.
     We are continuing to lobby the Irish Government to
     introduce some competition at Dublin Airport, and
     remain hopeful that they will support our plans for
     the development of efficient facilities and low cost
     access to Ireland from Europe.'

     'Ryanair successfully completed a secondary offering
     in June 1999, which broadened our shareholder base
     in Europe.  The offering reduced the Ryan family
     shareholding to 15%, whilst increasing the European
     shareholder base to just over 55%.  We were
     heartened by the increasing recognition by European
     institutions that the high fare flag carriers are
     unable to compete profitably with Ryanair for low
     fare, point to point traffic'.

     'Ryanair's disciplined and profitable growth, during
     a period when most of Europe's flag carrier airlines
     are reporting negative trends in traffic, yield and
     profitability should not be a surprise. The fact
     that Ryanair is now the second largest carrier of
     international passengers to and from the UK,
     competing head to head with British Airways in its
     home market, whilst growing profitably underlines
     the strength of our formula. However market
     conditions continue to be competitive with
     widespread availability of low fares from the UK to
     Europe.  Yields will continue to be adversely
     impacted by this fiercely competitive market and by
     the recent weakness of Sterling.  However we remain
     confident that Ryanair's low fares formula will
     continue to revolutionise air travel in  Europe and
     that we will remain on course to achieve our target
     of 6 million passengers for fiscal year 2000'


For further information 
please contact:       Howard Millar          Jim Milton
                      Ryanair Holdings Plc   Murray Consultants
                      Tel: [phone]     Tel: [phone]

Certain of the information included in this release is
forward looking and is subject to important risks and
uncertainties that could cause actual results to differ
materially. It is not reasonably possible to itemise all
of the many factors and specific events that could affect
the outlook and results of an airline operating in the
European economy.  Among the factors that are subject to
change and could significantly impact Ryanair's expected
results are the airline pricing environment, fuel costs,
competition from new and existing carriers, market prices
for replacement aircraft, costs associated with
environmental, safety and security measures, actions of
the Irish, U.K., European Union ('EU') and other
governments and their respective regulatory agencies,
fluctuations in currency exchange rates and interest
rates, airport access and charges, labour relations, the
economic environment of the airline industry, the general
economic environment in Ireland, the UK and Continental
Europe, the general willingness of passengers to travel
and other economics, social and political factors.

Ryanair is Europe's largest low fares airline.  In the
fiscal year to March 2000 the airline expects to carry 6 million
passengers on its 34 low fare routes between the UK,
Ireland and Continental Europe.  Ryanair currently
employs over 1,200 people in its Irish and UK operations
and operates a fleet of 21 Boeing 737-200 and 4 Boeing
737-800 next generation aircraft.  Ryanair shares are
quoted on the Nasdaq, London and Dublin Stock Exchanges.


Ryanair Holdings plc and Subsidiaries
Consolidated Profits and Loss Accounts in accordance with UK
and Irish GAAP (unaudited)

                                   Quarter    Quarter
                                    Ended      Ended
                                     June       June
                                      30,        30,
                                     1999       1998

                                   IR'000     IR'000

Operating Revenues
Scheduled revenues                 57,955     51,068
Ancillary revenues                  8,196      6,758

Total operating revenues
continuing operations              66,151     57,826

Operating expenses
Staff costs                         8,982      7,588
Depreciation                        8,108      7,057
Other operating expenses
Fuel & Oil                          7,712      7,245
Maintenance, materials and          2,980      2,363
repairs
Marketing and distribution          6,350      5,846
costs
Aircraft rentals                      449        575
Route charges                       4,664      3,990
Airport charges                     7,376      6,097
Other                               5,902      5,135

Total operating expenses           52,523     45,896

Operating profit-continuing
operations                         13,628     11,930


Other income/(expenses)
Interest receivable and
similar income                      1,094        724
Interest payable and similar        (294)       (60)
charges
Foreign exchange losses             (210)        (4)
Gains on disposal of fixed              0          6
assets

Total other income/(expenses)         590        666

Profit on ordinary activities
before taxation                    14,218     12,596

Tax on profit on ordinary
activities                         (3,214)    (3,206)

Profit for the financial           11,004      9,390
period

Basic earnings per ordinary
share                                6.57       5.93
(IR Pence)
Fully diluted earnings per
ordinary share (IR pence)            6.52       5.93
Number of ordinary shares (in     167,425    158,334
000's)                                  

Ryanair Holdings plc and Subsidiaries

Consolidated Balance Sheets in accordance with
UK and Irish GAAP


                             June 30,       March 31,                         
                               1999           1999
                              IR'000         IR'000
                             (unaudited)

Fixed Assets
Tangible assets               194,014        160,264
Financial assets                   42             42
Total Fixed Assets            194,056        160,306

Current Assets
Cash and liquid resources     149,595        124,904
accounts receivable             16,174         14,550
Other assets                    3,605          4,966
Inventories                    11,022         10,173
Total current assets          180,396        154,593

Total assets                  374,452        314,899

Current liabilities
Accounts payable               26,263         24,229
Accrued expenses and
other                          61,456         61,408
liabilities
Current maturities of
long term debt                  3,029          1,390
Short term borrowings           4,553          3,066
Total current liabilities      95,301         90,093

Other liabilities
Provisions for
liabilities and charges        17,682          8,881
Long Term debt                 52,815         18,275
                               70,497         27,156

Shareholder's funds -
equity
Called -up share capital        6,697          6,697
Share Premium Account         102,861        102,861
Profit and loss account        99,096         88,092
Shareholder's funds -         208,654        197,650
equity                                         
Total liabilities and
shareholders' funds           374,452        314,899
                                               


Ryanair Holdings plc and Subsidiaries

Consolidated Cashflow Statements in Accordance
with UK and Irish GAAP (unaudited)


                                      Quarter  Quarter                        
                                        Ended   Ended
                                       June 30, June 30,
                                         1999    1998
                                         IR'000 IR'000


Net cash inflow from operating           20,313  22,614
activities

Returns on investments and
servicing of finance                        853   1,080
Taxation                                    (0)      0
Capital expenditure (including
aircraft deposits)                     (41,859) (25,964)
Net cash inflow before financing
and use of liquid resources            (20,693)  (2,270)

Financing                                43,897    (422)
(Increase)/decrease in liquid          (19,052)   3,107
resources

Increase in cash                          4,152     415


Analysis of movement in liquid
resources
Liquid resources at beginning of        108,715   46,197
period                                   19,052   (3,107)
Increase /(decrease)in period

Liquid resources at end of period       127,767   43,090

Analysis of movement in cash
At beginning of period                   13,123   3,168
Net cash inflow                           4,152     415

Net cash at end of period                17,275   3,583


Ryanair Holdings plc and Subsidiaries

Consolidated Statement of Changes in Shareholders' Funds
Equity in accordance with UK and Irish GAAP (unaudited)
                        Ordinary     Share   Profit
                          shares   Premium   and loss
                                   account   account      Total  

                         IR£'000   IR'000     IR'000      IR'000

Balance at April 1,        6,697  102,861     88,092     197,650
1999
Profit for the             -           -      11,004      11,004
period                   
Balance at June 30,       6,697   102,861     99,096     208,654
1999



Ryanair Holdings plc and Subsidiaries
Consolidated Profit and Loss Account in Accordance with US
GAAP (unaudited)
                                   Quarter   Quarter
                                     ended    ended
                                      June      June
                                       30,       30,
                                      1999      1998
                                    IR'000    IR'000

Operating Revenues
Scheduled revenues                  57,955    51,068
Ancillary revenues                   8,196     6,758

Total operating revenues
- continuing operations             66,151    57,826

Operating expenses
Staff costs                          8,942     7,365
Depreciation                         7,719     6,626
Other operating expenses
Fuel & Oil                           7,712     7,245
Maintenance, materials and           2,980     2,363
repairs
Marketing and distribution costs     6,350     5,846
Aircraft rentals                       449       575
Route charges                        4,664     3,990
Airport charges                      7,376     6,097
Other                                5,885     5,118

Total operating expenses            52,077    45,225

Operating profit - continuing
operations                          14,074    12,601

Other income/(expenses)
Interest receivable and similar      1,094      724
income
Interest payable and similar         (294)      (60)
charges
Foreign exchange gains                 916    1,406
Gains on disposal of fixed               0        6
assets

Total other income/(expenses)        1,716    2,076

Profit on ordinary activities
before taxation                     15,790   14,677
Tax on profit on ordinary           (3,536)  (3,660)
activities                              
Profit for the financial period     12,254   11,017

Basic earnings per ordinary
share (IR Pence)                      7.32     6.96
Diluted earnings per ordinary
share (IR pence)                      7.26     6.96
Basic earnings per ADS (IR           36.60    34.79
pence)*
Diluted earnings per ADS (IR         36.30    34.79
pence)*                            
Number of ordinary shares (in            
000's)                             167,425  158,334
*Each ADS represents five
ordinary shares


Ryanair Holdings plc and Subsidiaries
Summary of significant differences between UK, Irish and
US generally
accepted accounting principles (unaudited)
(A) Net Income under US GAAP    Quarter    Quarter
                                  Ended      Ended
                                   June       June
                                    30,        30,
                                   1999       1998
                                 IR'000     IR'000
Profit as reported in the
consolidated profit and loss
accounts and in accordance
with UK and Irish GAAP           11,004      9,390

Adjustments
Pension                              35         22
Unrealised gains on forward
exchange contracts                1,126      1,410
Employment grants                    17        213
Depreciation on tangible
fixed assets:
- basis of accounting for
August 1996 transaction             302        344
- basis of accounting for
aircraft acquired from
Northill Limited                     87         87
Darley Investments Limited           17         17
Share option compensation          (12)        (12)
expense
Taxation effect of above          (322)       (454)
Net income in accordance
with U.S. GAAP                   12,254      11,017

(B) Consolidated Cashflow
Statements in accordance
with US GAAP
                                Quarter     Quarter
                                  Ended      Ended
                               June 30,    June 30,
                                   1999       1998
                                 IR£000     IR£000
Cash Inflow from operating
activities                       21,166     23,694
Cashflow from investing
activities                     (45,362)    (21,542)
Cashflow from financing
activities                       45,384     57,242

Increase in cash and cash
equivalents                      21,188     59,394
Cash and cash equivalents at
beginning of period              76,948     12,159
Cash and cash equivalents at
end of period                    98,136     71,553

Cash and cash equivalents
under US GAAP                    98,136     71,553
Deposits with a maturity of
between three and six months     51,459      7,022
Cash and liquid resources
under UK and Irish GAAP         149,595     78,575



Ryanair Holdings plc and Subsidiaries

Summary of significant differences between UK, Irish and
US generally accepted
accounting principles (continued) (unaudited)

(C) Shareholders' Funds equity
                              June 30,    June 30,
                                 1999        1998
                               IR'000      IR'000

Shareholders' equity as
reported in the
consolidated balance
sheets (UK and Irish GAAP)    208,654     197,650
Adjustments:
Pension                           476         441
Unrealised gains on
forward exchange                2,025         899
contracts
Employment grants               (511)       (528)
Basis of accounting for
August 1996 transactions      (2,476)     (2,778)
Basis of accounting for
aircraft acquired from
Northill Limited                (402)       (489)
Darley Investments              (447)       (464)
Limited
Share option compensation 
expense                            32         44
Investments                     2,408      1,813
Tax effect of adjustments        (88)        234
Shareholders' equity as
adjusted to accord with
US GAAP                       209,671    196,822

Opening shareholders'
equity under US GAAP          196,822     80,880
Investments                       595      1,813
Cumulative effect of
change in accounting                0     18,210
policies
Net income in accordance       12,254     48,649
with US GAAP
Stock issued for cash               0     47,270

Closing shareholder's
equity under US GAAP          209,671    196,822

            Ryanair Holdings plc
    Management Discussion and Analysis of Results
                          
Summary for the Quarter Ended June 30, 1999

Profit after tax has increased by 17% to IR£11.0m,
compared to IR£9.4m in the previous quarter ended
June 30, 1998. Total Operating Revenues, grew by 14%
to IR£66.2m, whilst passenger volumes increased by
8% to 1.27m.

Total Operating Expenses increased by 14% to IR£52.5m,
due to the increased level of activity, and the increased
costs, primarily depreciation and staff costs, associated
with the growth of the airline.  Profit Before Tax, has
increased by 13% to IR£14.2m.  The Corporation Tax rate
for the period was 23% compared to 25% for the previous
quarter, and primarily reflects the impact of the decline
in the headline rate of corporation tax in Ireland.

Cash and Liquid Resources have increased from IR£125.0m
at March 31, 1999 to IR£150.0m at June 30, 1999,
reflecting the increased cash flows from the profitable
trading performance. The company incurred capital
expenditure of IR£41.9m primarily financed by an increase
in debt of IR£36.2m during the quarter. Shareholder's
Funds at June 30, 1999 have increased to IR£208.7m,
compared to IR£197.7m at March 31, 1999.


                 Ryanair Holdings plc
           Management and Analysis of Results

Quarter Ended June 30, 1999

Profit after tax has increased by 17% to IR£11.0m,
compared to IR£9.4m in the previous quarter ended June 30,
1998.
Total Operating Revenues, grew by 14% to IR£66.2m,
whilst passenger volumes increased by 8% to 1.27m.

Scheduled Passenger Revenues increased by 13% to IR£58.0m
due to an increase in passenger volumes of 8%, and an
increase in the average yield per passenger, primarily due
to the higher yields on the longer European routes.

Ancillary Revenues increased by 21% to IR£8.2m reflecting
increases in, passenger volumes, average spend per
passenger and non-flight revenues.

Total Operating Expenses increased by 14% to IR£52.5m, due
to the increased level of activity, and the increased
costs primarily depreciation and staff costs associated
with the growth of the airline.

Staff Costs have increased by 18% to IR£9.0m.  The
increase in staff costs reflects a 15% increase in average
employment to 1,201. Staff costs also rose due to the
impact of pay increases granted, which at 3%, was ahead of
the level set by the national wage agreement.

Depreciation increase by 15% to IR£8.1m, reflecting the
impact of the recent acquisition of three new Boeing 737-
800 next generation aircraft, and the amortisation of
capitalised maintenance costs.


Fuel Costs rose by 6% to IR£7.7m.  This reflects the
impact of an 8% increase in the number of sectors flown,
being offset by a reduction in the average cost per gallon
of fuel.

Maintenance Costs increased by 26% to IR£3.0m, reflecting
the increase in the number of sectors flown, and the
increased line maintenance costs associated with the
expansion of our Stansted base.

Marketing and Distribution Costs have increased by 9% to
IR£6.4m, due to a combination of an increase in passenger
volumes, and the costs associated with the launch of seven
new routes.

Aircraft Rental Costs declined by IR£0.1m to IR£0.4m
reflecting the continued decline in the need to rent
additional seat capacity.

Route Charges increased by 17% to IR£4.7m due to an 8%
increase in the number of sectors flown, and an increase
in the average sector length.

Airport Charges increased by 21% to IR£7.4m, due to an
increase in the number of passengers flown, and the impact
of increased airport charges on some existing routes
offset by, lower charges on the new routes from the UK to
Europe.

Other Expenses increased by 15% to IR£5.9m, primarily due
to the increase in ancillary costs, which grew in line
with the increase in ancillary revenues.

Operating Profits have increased by 14% to IR£13.6m for
the reasons outlined above.

Interest Receivable increased by IR£0.4m to IR£1.1m
reflecting the increase in cash and liquid resources as a
result of the continued profitable trading. Interest
Payable increased by IR£0.3m reflecting the increased
level of debt arising from the acquisition of the new
aircraft. Foreign Exchange losses increased by IR£0.2m due
to adverse movements on foreign currency deposits during
the period.

Corporation Tax for the quarter was 23% compared to 25% in
the previous quarter and primarily reflects the impact of
the decline in the headline rate of corporation tax in
Ireland.

The Company's Balance Sheet continues to highlight the
impact of the profitable trading performance during the
quarter. Cash and liquid resources increased from
IR£125.0m at March 31, 1999 to IR£150.0m reflecting the
strong cashflows during the quarter. The company incurred
further capital expenditure of IR£41.9m primarily financed
by an increase in debt of IR£36.2m during the quarter.  
The second and third Boeing 737-800 next generation aircraft
were both delivered, as scheduled, in mid and late June, respectively.

Shareholder's Funds at June 30, 1999 have increased to
IR£208.7m compared to IR£197.7m at March 31 1999.