LONDON (Reuters) – Virgin Atlantic, the British airline majority owned by Richard Branson, said it returned to profitability for the first time since the pandemic last year.
For 2024, Virgin Atlantic, which is 49%-owned by Delta Air Lines, posted pretax profit before exceptional items of 20 million pounds ($25.93 million), compared to a pretax loss of 139 million pounds last year.
Profit at the airline, a specialist in connecting Britain to destinations in the United States and Caribbean, was helped by flying more passengers, up to 5.6 million in 2024 from 5.3 million last year, and from the growth of its holiday business.
“2024 was a turning point for Virgin Atlantic and the culmination of our transformation,” Chief Executive Shai Weiss said in a statement on Monday.
He said he expected a “better future” in 2025, but did not provide more specific guidance over the outlook at a time of worries over the impact of U.S. economic uncertainty on travel demand.
Part-owner Delta Air Lines on March 10 slashed its first-quarter profit estimates, amid warnings over weakening U.S. consumer and business confidence from tariffs and increasing concerns about higher prices.
Virgin Atlantic said it had repaid 174 million pounds of pandemic debts during 2024 and that would help underpin its finances in the future. It said it ended 2024 with a cash position of 443 million pounds.
($1 = 0.7712 pounds)
(Reporting by Sarah Young, editing by Andy Bruce)
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