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Virgin Atlantic Reports Full Year 2023 Pre-Tax Loss of £139 Million on Record Revenue of £3.1 Billion

Virgin Atlantic has reported a full year 2023 EBITDA of £352 million and an EBIT of £80 million on record revenue of £3.1 billion.  The carrier’s loss before taxes and exceptional items narrowed to (£ 139) million, down from (£206) million for FY 2022.


Virgin Atlantic Airbus A330-900neo - Courtesy Airbus

On Wednesday (April 3, 2023), Virgin Atlantic reported their financial results for the period ending December 31, 2023.  The carrier reported full-year EBITDA of £352 million and an EBIT of £80 million on record revenue of £3.1 billion, up £265 million compared to FY 2022.  The carrier’s full year loss before taxes and exceptional items narrowed to (£139) million, versus (£206) million in the previous year.  Virgin Atlantic ended 2023 with £406 million in cash, up from £399 million at December 31, 2022.  During 2023, the airline carried 5.3 million passengers with an average load factor of 77 percent. The company projects that they will return to profitability in 2024.   


In Thursday’s financial announcement, Virgin Atlantic’s CEO, Shai Weiss, said,


“In 2023, we capitalised on continued strong demand for leisure air travel and holidays, which shows that desire for experiences and travel remains, resulting in record revenues.  A loss is never satisfactory; however, our performance and results illustrate that we have made really good progress in 2023, the plan is working, and Virgin Atlantic is on course to return to profitability in 2024.


“My gratitude goes to our teams, who go above and beyond to deliver an amazing experience, making our customers smile every day.  At the midpoint of Velocityx, our four-year strategic plan, and as we gear up to mark 40 years of flying in June, our commitment and belief in our vision of becoming most loved travel company and sustainably profitable is stronger than ever. 2024 is the turning point for Virgin Atlantic, the culmination of our transformation and the year we make it count.”


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


“2023 financial results reflect a year when our team delivered record revenue and a return to pre-pandemic EBIT performance.  Importantly we narrowed losses and set up a return to profitability in 2024.  Our financial, commercial and operational performance demonstrates that our plan is working, despite the challenges of inflation, rising interest rates, and higher fuel and energy prices.  In 2023, we flew more sectors than 2019 with four fewer aircraft, illustrating the efficiency of our fleet today.  Combined with continued cost discipline and protecting cash, these actions ensure we are positioned to return to profitability in 2024.  As customer demand for travel endures, we will go further this year by welcoming six new aircraft and capacity growth of 12%, while maintaining cost discipline as always, targeting record revenues and operating profit.” 


Virgin Atlantic Cargo delivered revenue of £196 million in 2023, carrying 158k tonnes of Cargo, down year-over-year from 191k tonnes in 2022.


During 2023, Virgin Atlantic launched new routes to the Turks & Caicos and the Maldives, and also resumed service to Dubai.  In November 2023, the carrier operated ‘Flight100’, the world’s first transatlantic flight operated on 100 percent SAF.



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 2023 for the seventh consecutive year.  Headquartered in London, Virgin Atlantic employs over 7,500 team members worldwide.  The airline currently serves 30 destinations across four continents.  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.  Virgin Atlantic is a member of the global SkyTeam alliance.  In October 2022, Virgin Atlantic welcomed the first of 16 Airbus A330-900neos, continuing their fleet transformation to 100 percent next generation aircraft by 2027.


 

Source: Virgin Atlantic

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