Virgin Atlantic Returns to Profitability Since Pandemic
Propelled by record revenues, the UK-based Virgin Atlantic airline on Monday reported Profit Before Tax and Exceptional Items of $25.84 million, returning to profitability for the first time since the pandemic.
Record revenues of $4.26 billion, (up $236.43 million compared with 2023, were fuelled by passenger capacity growth of 7.6%, continued demand for business and premium leisure travel and the launch of Unlimited Availability reward seats for members of Flying Club.
Virgin Atlantic Holidays regained its number one position in Florida and reported revenue of $667.95 million, up 10% versus 2023. Continued cost discipline contributed to the airline achieving its highest ever Earnings Before Interest and Tax (EBIT) of $297.15 million, more than quadrupling the $62.01 million delivered in 2023 and bolstering progress towards sustainable profitability.
Virgin Atlantic strengthened its balance sheet, ending the year with a cash position of $572.34 million (up $47.8 million versus 2023), inclusive of paying down $224.8 million of pandemic-related debt. Since 2022, the airline has paid down $645.98 million of debt incurred during the pandemic and in 2024 completed $626.61 million of debt financing on improved terms.
Velocityx
Velocityx, the airline’s four-year strategic plan, supporting its mission to become the most loved travel company and sustainably profitable, ends in December 2025. In Virgin Atlantic’s 40th anniversary year, the 2024 financial, commercial and operational results illustrate the plan is working, setting firm foundations for the future.
The passenger revenue in 2024 stood at $3.36 billion, beating previous records and up $231.26 million versus 2023, with a record $1.29 billion revenue originating from the US. Virgin Atlantic Holidays also met demand for premium sun destinations, carrying 255,000 holiday makers and delivering $667.95 million revenue.
Ending the year with a #1 market share position out of the UK, Virgin Atlantic Cargo operated 199 million tonnes of cargo and delivered revenue of $304.9 million, exceeding 2023 revenue of $253.23 million by capitalising on continued disruption to Red Sea freight and increased capacity out of India.
The airline ended the year with a total cash position of $572.34 million.
In July, the airline completed its fleet transformation, confirming an order for seven Airbus A330-900s, bringing its A330neo fleet to 19. By 2028, its fleet of 45 next gen aircraft will comprise 19 A330-900s, 12 A350-1000s, and 14 787-9s, with an average age of 6.9 years.
Virgin Atlantic CEO Shai Weiss said that their performance in 2024 marked a big step forward in their mission to become the most loved travel company and sustainably profitable, with record revenues and operating profit achieved in the company’s 40th anniversary year.
“We returned to profitability for the first time since the pandemic, repaid a large chunk of debt and faced into operational challenges by taking decisive action,” he added.
