We shall shortly reach our cruising altitude. That is not an announcement Ryanair investors expect to hear from chief executive Michael O’Leary. The low-cost airline maintained its climb rate during the recession to report an 80 per cent surge in September’s half-year earnings. But it could throttle back to a more gradual rate of growth.

In Mr O’Leary’s latest attempt to drive a hard bargain with counterparties, he has given Boeing until the end of the year to cut prices on aircraft ordered or he will rationalise routes and instead use the cash to pay a maiden dividend. He tried a similar tactic with BAA, owner of Ryanair’s UK base at Stansted, earlier this year. Lower airport fees, he barked, or he would cut winter capacity and move aircraft elsewhere – something he would have done anyway.