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Virgin Atlantic Reports Full Year 2021 Loss of £486 Million on £60 M Revenue Increase to £928 M

Virgin Atlantic has today reported a full year 2021 statutory loss of £486 million on a year-over-year revenue increase of £60 million to £928 million. At December 31, 2021, the carrier had cash and cash equivalents totaling £580 million.

Virgin Atlantic Airbus A350-1000 - Courtesy Airbus

On Tuesday (April 5, 2022), Virgin Atlantic reported their financial results for the full year 2021 for the period ending December 31, 2021. The carrier reported a full year EBITDA loss of £166 million on a year-over-year increase in revenue of £60 million to £928 million, down from £2.9 billion in 2019, and a statutory loss of £486 million, down £378 million versus 2020. Virgin Atlantic’s full year loss before taxes and exceptional items totaled £594 million. At December 31, 2021, the company had £580 million in cash and cash equivalents, made possible by a new capital raise of £670 million, including a £400 million shareholder investment completed in December 2021. For the full year 2021, Virgin Atlantic Cargo delivered record revenue of £448 million, up over 200 percent compared to 2019 and up 40 percent versus 2020.

In Tuesday’s announcment, Virgin Atlantic’s CEO, Shai Weiss, said,

“2021 started with hopes for recovery, following the successful £1.2bn solvent recapitalisation of the airline in September 2020, underpinned by more than £300m annual structural cost savings fully delivered. However, with ongoing restrictions and the rapid spread of the Delta and Omicron variants, customer demand was materially impacted and the year became even more challenging than previous, despite the vaccine rollout. Persistent volatility in international travel, fuelled by ever changing restrictions and testing requirements, resulted in significant losses and a decline in passenger numbers, with an improvement in November as our heartland destinations in the US opened up to UK travellers, following months of cross-industry campaigning to open the skies.

“The completion of £400m shareholder investment in December 2021 sets us up for success in 2022, as we take advantage of the return of customer demand. We have much to look forward to, from the launch of a new route to Austin, Texas in May – our first new US route in five years – to the introduction of the A330-900 in the Autumn, continuing the transformation of our fleet into the youngest and cleanest in the sky.

“My sincere thanks go to the amazing people of Virgin Atlantic for displaying the most impressive team spirit I have ever seen. Together we turn our focus to the opportunity ahead and look forward to 2022 as a year of transition, from survival to recovery and on to profitability by 2023. While we have learned we can’t predict the future and there will be significant challenges ahead, the outlook is full of promise. This will be the year we get back to our very best for our people and our customers.”

Also commenting on the airline’s financial results, Virgin Atlantic’s Chief Financial Officer, Oli Byers, said,

“Our 2021 financial results reflect the continued challenges faced by our industry due to the Covid-19 pandemic - aviation was one of the first industries to be affected and remains one of the last to fully recover. During 2021 we successfully raised over £670m of new capital and ended 2021 with a robust cash position of £580m. 2022 will be a year of transition as we move from survival into recovery and capitalise on the return of customer demand. We have cause for optimism balanced with macro-economic and political uncertainty, alongside the residual risks of the pandemic. We anticipate a return to profitability in 2023, driven by a recovery in air travel demand and more than £300m annual cost savings, already delivered.

“With the unwavering commitment and belief of our people, our customers, our partners and our shareholders, together we have ensured that Virgin Atlantic is emerging from the pandemic in a strengthened financial position and continues to play a vital role in the recovery of UK economy, proudly flying and reuniting families, friends and colleagues around the globe for decades to come.”

Founded by entrepreneur Sir Richard Branson in 1984, Virgin Atlantic has brought innovation and the highest level of customer care to the airline industry. The carrier was voted Britain’s only Global Five Star Airline by APEX in 2021 for the fifth consecutive year. Headquartered in London, Virgin Atlantic employs 5,900 team members worldwide. Alongside shareholder and Joint Venture partner Delta Air Lines, Virgin Atlantic operates a leading network between the US and UK, with onward connections to over 200 cities around the world. By 2022, Virgin Atlantic will operate an efficient and simplified fleet of 37 twin-engine aircraft, delivering a 10 percent savings compared to the aircraft they replace.

Source: Virgin Atlantic


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