Virgin Atlantic posts record revenue, almost five-fold operational profit rise

Virgin Atlantic

Virgin Atlantic has posted its 2024 financial results, which show an Earnings Before Interest and Tax profit (EBIT) of £230m (USUSD 297 million), an almost five-fold increase over the £48 million (USUSD 62.1 million) posted the preceding year. 

In terms of revenue, 2024 was a record year for the UK-based long-haul carrier. Virgin Atlantic’s revenues went up by £183m (USUSD 236.7 million) to a total of £3.3bn (USUSD 4.27 billion). 

The carrier attributed this increase in revenue in great part to a 7.6% capacity increase, as well as to continued strong demand for business and premium leisure travel.  

The bulk of its revenue, £2.6 billion (USUSD 3.36 billion), came from regular passenger traffic, although Virgin Atlantic Holidays, the group’s tour operator, also contributed to these figures, posting a revenue of £517 million (USUSD 668.9 million), up 10% from 2023. 

Not unexpectedly, given the strong Transatlantic focus of Virgin Atlantic’s route network and capacity, the US market accounted for a significant share of the airline’s total revenue, at around £1 billion (USUSD 1.29 billion). 

The airline has also managed to bolster its cash position to £443 million (USUSD 573.1 million), despite having made significant payments (£174/UUSD 225.1 million in 2024) towards returning debts it incurred to sustain the business during the COVID pandemic. 

Although relatively smaller as a percentage of the total, Virgin Atlantic’s cargo business also made a contribution to the stronger 2024 performance numbers, with £236m (USUSD 305 million) of revenue, which compares favorably to the £196 million (USUSD 253.5 million) of 2023. In this case, it was India that facilitate this boost, since the ongoing conflict in the Red Sea diverted some freight traffic from the sea to the air, according to the airline.