Virgin Atlantic has returned to profitability for the first time since the pandemic, posting pre-tax profit of £20 million for the year ending 31 December 2024.
The airline achieved record revenues of £3.3 billion, up £183m on 2023, fuelled by capacity growth of 7.6% and ‘continued demand for business and premium leisure travel’.
It also recorded its highest Earnings Before Interest and Tax (EBIT) so far, of £230m, more than quadrupling the £48m it achieved in 2023. Passenger revenue for 2024 was £2.6bn, beating previous records, and up £179m on 2023.
Virgin Atlantic carried 5.6m passengers in 2024, with a load factor of 77.3%. Its Virgin Atlantic Holidays tour operation carried 255,000 customers, generating £517m revenue, up from £468m in 2023.
The airline ended the year with a total cash position of £443m, up from 37m in 2023, including paying down £174m of pandemic-related debt.
CEO Shai Weiss 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 40th 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.
“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.”
