Virgin Atlantic has posted its financial results for 2024, showing a profit before tax and exceptional items of £20 million.
This compares to a loss of £139 million in 2023, and is the first time the carrier has reported a profit since 2016.
Virgin said the result had been fuelled by record revenues of £3.3 billion (up £183 million on 2023), with passenger growth of 7.6% and an operating profit before exceptional items of £230 million.
Rival carrier British Airways recently posted an operating profit of just over €2 billion for 2024, as part of the wider IAG group’s record annual operating profits of €4.4 billion for last year.
Virgin Atlantic celebrated its 40th anniversary last year, and is nearing the end of a four-year ‘Velocity’ strategic plan with the mission to become “the most loved travel company and sustainably profitable”.
This month the carrier opened its sixth Clubhouse, located within the Tom Bradley International Terminal at Los Angeles International Airport, and recently unveiled plans to launch air taxi services in partnership with California-based firm Joby.
Commenting on the news Shai Weiss, CEO, Virgin Atlantic, said:
“Our performance in 2024 marked a big step forward in our mission to become the most loved travel company and sustainably profitable, with record revenues and operating profit achieved in our fortieth 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.
“Our teams do their absolute best, every day, to make our customers smile. It’s that simple. I’m so proud to see their great efforts result in success, from the rollout of Unlimited Availability reward seats and unification of our Flight and Holiday business on virginatlantic.com, to growth in India with the launch of flights to Bengaluru.
“2024 was a turning point for Virgin Atlantic and the culmination of our transformation. We have a plan in place for 2025, with much to look forward to including a new app, new routes to Toronto, Riyadh and Cancun, a new clubhouse in Los Angeles and greater stability for our operation. In 2025, we dare to imagine an even better future. Let’s make it happen.”
