Virgin Atlantic Reaches Profitability for the First Time Since 2016

The airline reports a £20 million profit, buoyed by an increase in passenger numbers and record revenues.

Virgin Atlantic has reported a return to profitability, marking its first such achievement since 2016. The airline recorded a profit before tax and exceptional items of £20 million for the financial year ending 2024, a significant turnaround from a loss of £139 million reported in 2023.

The company's revenue reached a record £3.3 billion, an increase of £183 million compared to the previous year.

This growth was primarily driven by a 7.6% rise in passenger numbers, attributed to sustained demand for both business and premium leisure travel.

In a notable financial maneuver, Virgin Atlantic has successfully reduced its debt by £500 million, a liability that had accrued during the coronavirus pandemic.

The airline's Chief Executive, Shai Weiss, commented on the performance, stating that the results represent a significant advancement in the airline's mission to establish itself as a leading travel company while achieving sustainable profitability.

Weiss characterized 2024 as a pivotal year for Virgin Atlantic, highlighting the airline's efforts to navigate operational challenges and implement decisive actions for recovery.

Looking ahead, Weiss outlined plans for 2025, which include the launch of a new mobile application, the introduction of new routes including destinations such as Toronto, Riyadh, and Cancun, and the development of a new clubhouse in Los Angeles.

The airline is aiming for improved operational stability as it progresses into the new year.