Virgin Atlantic experiences another annual loss but is on track to return to profitability

Virgin Atlantic, the British airline partially owned by US aviation giant Delta, has revealed a pre-tax loss of £139 million in 2023. However, the company remains optimistic about returning to profitability in 2024 after a challenging period due to the COVID-19 pandemic.

Despite the loss, Virgin Atlantic reported a significant increase in total revenue to £3.1 billion in 2023, up £265 million from the previous year. Chief executive Shai Weiss expressed confidence in the airline’s progress, stating that they are on track to achieve profitability this year.

Weiss emphasized that 2024 would be a “turning point” for Virgin Atlantic, marking the culmination of their transformation and a year to make significant strides towards success. The airline flew 5.3 million passengers to long-haul destinations in 2023, with a load factor of 77%.

Chief financial officer Oli Byers highlighted the positive performance of the airline in the early months of 2024, noting strong demand from premium leisure travelers and a gradual recovery in corporate travel. Virgin Atlantic recently launched new routes to popular destinations like Turks and Caicos and the Maldives, with plans to resume services to Dubai and introduce a second daily service from London to Mumbai in October.

The airline aims to double its operating profit to around £200 million in 2024, surpassing the record set in 1999. With a focus on sustained customer demand and strategic route expansions, Virgin Atlantic is optimistic about its future prospects in the aviation industry.