Menu
08/08/2003
Profitable year for Virgin Atlantic
Virgin Atlantic has reported pre-tax annual profits of nearly £16 million today – a turnaround of £108.3 million compared with the previous year.
The results, for the year ended April 2003, reported that the trading environment during the financial year had been "extremely challenging" as a result of the combination of global downturn, terrorist activity in the Far East and Africa, the war in the Middle East, culminating in the impact of Sars in Asia.
Sir Richard Branson, Chairman of Virgin Atlantic, said that despite having "almost every imaginable obstacle thrown" at the company, he was "immensely proud" of Virgin Atlantic's performance.
The company made a profit before exceptional items and tax of £48.7 million – and a profit of £15.7 million before tax. This was a "fantastic achievement on the part of the staff and management teams of the various Virgin Atlantic Group companies," Mr Branson said.
"Their success has been achieved in the face of testing market conditions and is a result of our strong load factors, which now even exceed those of low cost operators. Good performances by our cargo and holiday businesses and a tight control of costs also helped all Virgin Atlantic Group activities," he added.
During the financial year Virgin Atlantic took delivery of four new Airbus A340-600 aircraft and opened its first hangar at London Heathrow, the "only one in the UK capable of handling new generation aircraft" such as the A340-600.
In February 2003 Virgin launched a new service to the oil capital of Nigeria - Port Harcourt – and in May 2003, new services were launched to Grenada and Tobago which formed part of a 60% expansion of capacity to the Caribbean.
Mr Branson also predicted that the air carrier would remain in profit over the coming year, despite a continued downturn in the market.
Virgin Atlantic staff will share a bonus of almost £5 million as a result of last year's performance.
(GMcG)
The results, for the year ended April 2003, reported that the trading environment during the financial year had been "extremely challenging" as a result of the combination of global downturn, terrorist activity in the Far East and Africa, the war in the Middle East, culminating in the impact of Sars in Asia.
Sir Richard Branson, Chairman of Virgin Atlantic, said that despite having "almost every imaginable obstacle thrown" at the company, he was "immensely proud" of Virgin Atlantic's performance.
The company made a profit before exceptional items and tax of £48.7 million – and a profit of £15.7 million before tax. This was a "fantastic achievement on the part of the staff and management teams of the various Virgin Atlantic Group companies," Mr Branson said.
"Their success has been achieved in the face of testing market conditions and is a result of our strong load factors, which now even exceed those of low cost operators. Good performances by our cargo and holiday businesses and a tight control of costs also helped all Virgin Atlantic Group activities," he added.
During the financial year Virgin Atlantic took delivery of four new Airbus A340-600 aircraft and opened its first hangar at London Heathrow, the "only one in the UK capable of handling new generation aircraft" such as the A340-600.
In February 2003 Virgin launched a new service to the oil capital of Nigeria - Port Harcourt – and in May 2003, new services were launched to Grenada and Tobago which formed part of a 60% expansion of capacity to the Caribbean.
Mr Branson also predicted that the air carrier would remain in profit over the coming year, despite a continued downturn in the market.
Virgin Atlantic staff will share a bonus of almost £5 million as a result of last year's performance.
(GMcG)
Related UK National News Stories
Click here for the latest headlines.
15 February 2008
Flight Refunds For BA And Virgin Passengers
Thousands of travellers who flew on long-haul flights with British Airways or Virgin Atlantic between August 11, 2004 and March 23, 2006, could receive a refund. The two airlines have reached agreement on a compensation deal, brought about via a class action suit, brought against the airlines in the US on behalf of passengers.
Flight Refunds For BA And Virgin Passengers
Thousands of travellers who flew on long-haul flights with British Airways or Virgin Atlantic between August 11, 2004 and March 23, 2006, could receive a refund. The two airlines have reached agreement on a compensation deal, brought about via a class action suit, brought against the airlines in the US on behalf of passengers.
24 August 2007
BA Fined In US For Price Fixing
British Airways has been fined £150 million for its part in price fixing fare surcharges. US investigators found BA had held talks with Virgin Atlantic over surcharges for transatlantic flights to cover rising fuel costs.
BA Fined In US For Price Fixing
British Airways has been fined £150 million for its part in price fixing fare surcharges. US investigators found BA had held talks with Virgin Atlantic over surcharges for transatlantic flights to cover rising fuel costs.
01 August 2007
BA Price-Fixing Fine Rises To £270m
The amount that British Airways has been fined for price-fixing on fuel surcharges for long-haul flights has risen to almost £270 million. The US Department of Justice fined the airline almost $300 million (£148 million) which will be added to the £121.5 million fine handed to the company by the UK's Office of Fair Trading.
BA Price-Fixing Fine Rises To £270m
The amount that British Airways has been fined for price-fixing on fuel surcharges for long-haul flights has risen to almost £270 million. The US Department of Justice fined the airline almost $300 million (£148 million) which will be added to the £121.5 million fine handed to the company by the UK's Office of Fair Trading.
27 May 2005
Virgin Atlantic announce profits increase
Virgin Atlantic Airline has revealed a substantial increase in profits ending February 2005, and has announced plans to add two new routes in 2006. The results show a pre-tax profit of £68 million on a turnover of £1.630 billion which is the highest figure since 1999.
Virgin Atlantic announce profits increase
Virgin Atlantic Airline has revealed a substantial increase in profits ending February 2005, and has announced plans to add two new routes in 2006. The results show a pre-tax profit of £68 million on a turnover of £1.630 billion which is the highest figure since 1999.
09 May 2006
NTL announces 6,000 jobs cuts
Cable TV operator NTL, which recently acquired Virgin Mobile, has announced that it is to cut 6,000 jobs in the UK by 2007, as it trims back and outsources staff. The company said that the merger with Telewest was likely to realise savings of around £250 million-a-year, as the £3.4 billion merger was completed.
NTL announces 6,000 jobs cuts
Cable TV operator NTL, which recently acquired Virgin Mobile, has announced that it is to cut 6,000 jobs in the UK by 2007, as it trims back and outsources staff. The company said that the merger with Telewest was likely to realise savings of around £250 million-a-year, as the £3.4 billion merger was completed.
-
Northern Ireland WeatherToday:A cloudy morning with a few showers at times. Becoming dry in the afternoon and staying mainly cloudy, but some sunshine breaking through particularly in the east. Maximum temperature 16 °C.Tonight:Quite cloudy across all counties at first but clear spells most likely towards Down and Antrim, becoming widespread through the evening and overnight. Minimum temperature 5 °C.
