Virgin Atlantic back to profitability

It just posted its financials for the year ending 31 December 2024.

It generated record revenues, with a pre-tax profit of £20 million.

It saw record revenues of £3.3bn (up £183 million versus 2023) thanks to passenger capacity growth of 7.6%.

It cited the continued demand for business and premium leisure travel and the launch of Unlimited Availability reward seats for members of Flying Club.

Tour operator unit Virgin Atlantic Holidays reported revenue of £517 million, up 10% year on year and carried 255,000 holidaymakers.

It all contributed to the airline achieving its highest ever Earnings Before Interest and Tax (EBIT) of £230 million.

Virgin Atlantic carried 5.6 million passengers in 2024, achieving a load factor of 77.3%.

It had a record £1 billion revenue originating from the US.

Overall flight completion factor was 98.6% of scheduled flights and was recognised as the most punctual airline in the UK.

During 2024, Virgin Atlantic paid down £174 million of pandemic debt and ended the year with a total cash position of £443 million.

Shai Weiss, CEO, Virgin Atlantic, said: “Our performance in 2024 marked a big step forward in being sustainably profitable, with record revenues and operating profit achieved in our fortieth year.”

“Our teams do their absolute best, every day, to make our customers smile. It’s that simple.”