Virgin Atlantic profits head skywards

Tuesday 26th May 2009

Virgin Atlantic has today announced a dramatic rise in profits for the year.

Figures show annual pre-tax profits for the year ending February reached £68.4 million, almost double the £34.8 million recorded the year before.

Today's announcement is in stark contrast to one of Virgin's main competitors, British Airways, who confirmed a record annual loss of £401 million last week.

Virgin's improved results were helped by a higher number of premium travellers, while BA announced a 13 per cent drop in the same category of passengers.

The airline is majority-owned by Sir Richard Branson's Virgin Group, and commenting on today's announcement, he said: "To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff."

Virgin Atlantic chief executive Steve Ridgway added: "We are winning market share from our competitors during the toughest trading environment ever.

"We are just managing the business to make sure we remain strong and hang on to our cash," he said. ADNFCR-1783-ID-19185112-ADNFCR

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