28 APRIL 2014

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Article from BTNews 28 APRIL 2014

Virgin Atlantic financials

Now in partnership with Delta, Virgin Atlantic says that annual loss narrowed by 50% in 2013, putting it on track to return to profitability by the end of this year.

Virgin, which last posted a profit in 2011 and is in the middle of a two-year turnaround plan under new Chief Executive, Craig Kreeger, halved its group pre-tax loss from last year.

"These results, and what we've actually seen since the end of 2013, have us more than very confident that we will achieve this outcome," he said.

Delta bought a 49% stake in 2013. The new joint venture officially completed on 1 January. Kreeger said that it would help to push Virgin's bottom line into the black by attracting more US customers. Throughput at the airline’s award winning Heathrow Clubhouse has also increased with Delta’s Boston, New York and new San Francisco flights using the T3 facility. The balance of routes will follow from T4 in time.

The airline is due to receive its first Boeing 787-9 Dreamliner this year and has 16 on order.

Kreeger dismissed concerns about a European Commission examination of foreign holdings in European airlines, saying that the Delta deal had already undergone regulatory scrutiny. www.virgin-atlantic.com

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