Virgin nearly doubles profit
Virgin Atlantic has managed to nearly double its pre-tax profits in the toughest trading environment of its 25-year history.
The airline grew profits from £34.8 million last year to £68.4 million for the year from March 2008 to February 2009.
It said the growth was down to a rise in premium travellers and “prudent management decisionsâ€.
Group sales, including its tour operator business Virgin Holidays, rose 8.4% from £2.380 billion to £2.579 billion.
The total number of passengers carried during 2008 increased to 5.77 million.
Virgin employees will benefit from a bonus payout, as 10% of the group’s profits is shared among staff.
President Sir Richard Branson said: “The last financial year has proven to be the most volatile yet in our 25-year history. To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff.â€
The results are in stark contrast to other airlines, including rival British Airways which reported an annual loss before tax of £401m last week (see separate story today).
BA said premium traffic had fallen by 13% in the second half of its financial year.
Virgin chief executive Steve Ridgway added: “We are winning market share from our competitors during the toughest trading environment ever.â€
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Major rail disruptions around and in Berlin until early 2026