Virgin Atlantic has returned to profitability for the first time in four years in time to celebrate its 30th anniversary, with bosses citing the success of a two-year recovery plan.
In the year ending December 2014 the carrier reported a pre-tax profit of £14.4m, a substantial turnaround on the £51m loss racked up the year before.
This was generated on revenue of £2.9bn from 6,156,000 passengers flown although cargo revenue dipped by 1.8 per cent owing to currency fluctuations – despite strong export demand from the UK.
Chief Executive Craig Kreeger said: “These profitable results mark the successful conclusion of our recovery period and have put firm foundations in place for the future. We are confident that we have the right fleet, network and partners in place to be more profitable than ever before by 2018.
“We had a clearly defined strategy to transform the financial performance of the business and everyone involved can be rightly proud that we delivered that in a rigorous timeframe, while investing in continuous improvements to our passengers’ experience.”
Virgin Atlantic president Sir Richard Branson added: “I can’t think of a better way to complete our 30th birthday year than with a return to profit. The team at Virgin Atlantic has done a great job in turning around the airline and has the right strategy to take the business from strength to strength.”