Virgin Atlantic at pre-covid levels
Record turnover compensates for high costs, but profit will return in 2024
The British airline Virgin Atlantic communicated its economic results for 2022 these days. The company announced a total turnover of 2.9 billion pounds, which marks an almost coincident performance (-2%) compared to what happened in the period before the pandemic. However, it has reported a 206 million pounds pre-tax loss and is not expected to turn a profit in 2023.
Having barely survived the covid-19, in 2022 the increase in travel demand led to a marked improvement in turnover which served to offset the sharp increase in costs. Which means that the return to profit will take place in 2024. Now in 2023 the airline, which specializes in long-haul routes, is seeing a boom in airline ticket bookings for flights during the Summer season.
Virgin had suffered combined losses of 1.4 billion pounds in 2020 and 2021 and its future looked uncertain. in 2022 pre-tax losses stood at 206 million pounds. After eliminating one-off costs, underlying earnings improved to 71 million pounds last year (same as in 2019) and Virgin expects them to rise again to record highs in 2023.
AVIONEWS - World Aeronautical Press Agency