Ryanair has started taking concrete steps to leave the London Stock Exchange (LSE) in a move that boosts the importance of its Dublin listing.

This move has been well flagged to the market. 

The directors of Ryanair Holdings have given notice of their intention to request the UK Financial Conduct Authority (FCA) to cancel the listing of the company's ordinary shares on the Official List of the FCA.

The board will also request the LSE to cancel the admission to trading of the shares on the main market for listed securities of the LSE.

In a stock exchange statement on Friday, the airline said it has decided to request the cancellation of the London Listing as the volume of trading of the shares on the LSE “does not justify the costs related to such listing and admission to trading, and so as to consolidate trading liquidity to one regulated market for the benefit of all shareholders.”

The airline indicated that it was considering the de-listing as part of its interim results earlier this month.

The company is required to give at least 20 business days' notice of the intended cancellation of the listing. Therefore, it is planned that the cancellation of London listing will become effective from December 20. Ryanair expects the last day of trading of the shares on the LSE would be December 17.

Following the cancelation of the London Listing, the company will continue to have a primary listing on Euronext Dublin.

At the time of the interim results, Neil Sorahan, the airline’s chief financial officer, said opportunities have “never been better” for Ryanair, as the aviation sector continues to recover from the Covid-19 pandemic.

The airline saw its losses fall 90pc to €48m in the six months to September 30.

The performance was boosted by a 128pc increase in passenger numbers to 39.1 million as travel restrictions around Europe eased.

Revenue for the six months was €2.15bn, up 83pc year-on-year from €1.18bn, according to the interim results from the group.

Ancillary revenue – that is spend on extras such as priority boarding and seat selection – continued its “strong” performance, generating over €22.50 per passenger.