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Virgin Atlantic returns to profit

Virgin Atlantic

Virgin Atlantic has reported pre-tax operating profits of £18.5 million after turning round from a record loss.

The previous year had seen the airline suffering losses of £132 million, however figures for the year ending February showed passenger revenues were up by 13% to £2.7billion. Last year saw the winter closure of Heathrow and the Icelandic ash cloud crisis cost the business £40 million.

Despite the return to profit, Virgin warned of tougher market conditions ahead and ‘faltering consumer confidence'. The company has recently struck a new deal with pilots to avert a potential strike this summer.

This year Virgin are opening 120 new retail stores, doubling its figures. The new stores will create 200 jobs nationwide.

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