Virgin Atlantic Reports Increase in Profits

Virgin Atlantic has reported its pretax profits increased to £68.4million during the last financial year, up from £34.8million the year before.

The strong results cover the period March 2008 to February 2009 and reflect some prudent management decisions taken during the most volatile trading conditions in the airline’s 25-year history- where oil prices peaked at $147 per barrel and subsequently dipped as low as $38 per barrel.

Group sales, including leading tour operator Virgin Holidays, rose 8.4% from £2.380billion to £2.579billion. The total number of passengers carried during 2008 increased to 5.77 million. Employees will benefit from a bonus payout, as 10% of the group’s profits is shared among staff.

Sir Richard Branson, President of Virgin Atlantic, 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 at Virgin Atlantic."

Virgin Atlantic will celebrate its 25th birthday on 22 June 2009.

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