That same year, Michael O'Leary joined the company as chief financial officer. In 1988, London European operated as Ryanair Europe and later began to operate charter services. From 1987, this provided a connection with the Luton Ryanair service onward to Amsterdam and Brussels. In 1986, the directors of Ryanair took an 85% stake in London European Airways. With two routes and two aircraft, the fledgling airline carried 82,000 passengers in one year. The Irish government at the time refused its approval to protect Aer Lingus, but Britain, under Margaret Thatcher's deregulating Conservative government, approved the service. Under partial European Economic Community (EEC) deregulation, airlines could begin new international intra-EEC services as long as one of the two governments approved (the so-called "double-disapproval" regime). In 1986, the company added a second route from Dublin to Luton, thus directly competing with the Aer Lingus/ British Airways duopoly for the first time. It began operations in 1985 flying a 15-seat Embraer Bandeirante turboprop aircraft between Waterford and Gatwick Airport. The airline was shortly renamed "Ryanair". Ryanair was founded in 1984 as "Danren Enterprises" by Christopher Ryan, Liam Lonergan (owner of Irish travel agent Club Travel), and Irish businessman Tony Ryan, founder of Guinness Peat Aviation. Early years Ryanair Embraer EMB 110 Bandeirante in 1988 Ryanair ATR 42-300 in 1991 Similarly, net profits have increased from €48 million to €339 million over the same period. Revenues have risen from €231 million in 1998 to €1.843 billion in 2003 and to €3.013 billion in 2010. The airline went public in 1997, and the money raised was used to expand the airline into a pan-European carrier. There have been over 19,000 people working for the company, most employed and contracted by agencies to fly on Ryanair aircraft. Since its establishment in 1984, Ryanair has grown from a small airline, flying the short journey from Waterford to London Gatwick, into Europe's largest carrier. The company has at times been criticised for its refusal to issue invoices for the VAT-exempt services it provides (airfares), poor working conditions, heavy use of extra charges, poor customer service, and tendency to intentionally generate controversy in order to gain publicity. Ryanair's route network serves over 40 countries in Europe, North Africa (Morocco), and the Middle East ( Israel and Jordan). The airline has been characterised by its rapid expansion, a result of the deregulation of the aviation industry in Europe in 1997 and the success of its low-cost business model. Ryanair Group operates more than 500 planes. It is Ireland's biggest airline and in 2016 became the world's largest airline by scheduled international passengers. It forms the largest part of the Ryanair Holdings family of airlines and has Ryanair UK, Buzz, Lauda Europe, and Malta Air as sister airlines. It is headquartered in Swords, Dublin, Ireland, and has its primary operational bases at Dublin and London Stansted airports. Ryanair DAC is an Irish ultra low-cost carrier founded in 1984.
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