Virgin Atlantic has recorded its first profit since 2016, driven by rising demand for business and premium leisure travel though sales to customers flying from the US have begun to ebb in recent weeks.
The airline reported a pre-tax profit of £20 million for 2024, reversing a £139 million loss the previous year.
Revenue climbed to a record £3.3 billion, up £183 million from 2023, thanks to a 7.6% increase in passenger numbers. The transatlantic carrier also paid off £500 million of pandemic-era debt.
Chief executive Shai Weiss said the performance marked a major milestone in the airline’s turnaround, calling 2024 “a turning point” and the result of long-term transformation efforts.
Looking ahead, Virgin Atlantic plans to launch new routes to Toronto, Riyadh and Cancun, open a new clubhouse in Los Angeles and roll out an updated app as it targets further growth in 2025. The company is aiming for greater operational stability and continued profitability in its 40th year.
Virgin Atlantic has recorded its first profit since 2016, driven by rising demand for business and premium leisure travel. The airline reported a pre-tax profit of £20 million for 2024, reversing a £139 million loss the previous year.
Revenue climbed to a record £3.3 billion, up £183 million from 2023, thanks to a 7.6% increase in passenger numbers. The company also paid off £500 million of pandemic-era debt.
Weiss said the performance marked a major milestone in the airline’s turnaround, calling 2024 “a turning point” and the result of long-term transformation efforts.
Looking ahead, Virgin Atlantic plans to launch new routes to Toronto, Riyadh and Cancun, open a new clubhouse in Los Angeles and roll out an updated app as it targets further growth in 2025.
But more immediately, sales from the US to the UK and Europe have dropped from the strong start seen to 2025.
Finance chief Oliver Byers told media: "In the last few weeks we have started to see some signals that US demand is slowing".
The spring travel season is “the period where we’re seeing some weakness.”