Virgin Atlantic has released its annual financial results for the year ending 31st December 2024. Propelled by record revenues, the airline reported a Profit Before Tax and Exceptional Items of £20 million, returning to profitability for the first time since the pandemic.
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Record revenues of £3.3bn (up £183 million versus 2023) were fuelled by passenger capacity growth of 7.6%, continued demand for business and premium leisure travel and the launch of Unlimited Availability reward seats for members of Flying Club. Virgin Atlantic Holidays regained its number one position in Florida and reported revenue of £517 million, up 10% versus 2023. Continued cost discipline contributed to the airline achieving its highest ever Earnings Before Interest and Tax (EBIT) of £230 million, more than quadrupling the £48 million delivered in 20231 and bolstering progress towards sustainable profitability.
Virgin Atlantic strengthened its balance sheet, ending the year with a cash position of £443 million (up £37m versus 2023), inclusive of paying down £174m of pandemic-related debt. Since 2022, the airline has paid down £500 million of debt incurred during the pandemic and in 2024 completed £485 million of debt financing on improved terms.
Full Year 2024 financial results summary
– Virgin Atlantic carried 5.6m passengers in 2024, with a load factor of 77.3%.
– Passenger capacity (ASKs) ended the year 7.6% higher than 2023 with 24,832 sectors flown on 43 aircraft (average) – up from 23,551 sectors in 2019 on 45 aircraft, demonstrating enhanced fleet utilisation.
– 2024 passenger revenue of £2.6 billion – beating previous records and up £179 million versus 2023, with a record £1bn revenue originating from the US.
– Despite operational challenges, due to reduced availability of Rolls Royce Trent 1000 engines, a flight completion factor of 98.6% was achieved and Virgin Atlantic was recognised as the most punctual airline in the UK.
– Virgin Atlantic Holidays met demand for premium sun destinations, carrying 255k holiday makers and delivering £517m revenue, up from £468m in 2023.
– Ending the year with a #1 market share position out of the UK3, Virgin Atlantic Cargo operated 199m tonnes of cargo and delivered revenue of £236m, exceeding 2023 revenue of £196m by capitalising on continued disruption to Red Sea freight and increased capacity out of India.
– Continued cost discipline resulted in total airline non-fuel costs of £2.0bn and non-fuel cost per ASK (NFCASK) of 3.99p, in line with 2023 and 16 points below CPI (indexed to 2019).
– Operating profit (EBIT) of £230m is four times greater than 20231 and double that reported in 1999, the airline’s previous record.
– During 2024, Virgin Atlantic paid down £174m of pandemic debt, including a 2020 Davidson Kempner loan repaid in September 2024.
– The airline ended the year with a total cash position of £443m.
Other highlights from 2024
– In July, the airline completed its fleet transformation, confirming an order for seven Airbus A330-900s, bringing its A330neo fleet to 19. By 2028, its fleet of 45 next gen aircraft will comprise 19 A330-900s, 12 A350-1000s, and 14 787-9s, with an average age of 6.9 years.
– In October, Virgin Atlantic’s Flying Club launched Unlimited Availability, becoming the first UK loyalty programme to allow members to pay for any seat onboard with Virgin Points.
– A reimagined virginatlantic.com launched at the end of the year, unifying Flights and Holidays together in one place for the first time.
– For an 8th year running, the airline was recognised as Britain’s only Five Star Airline by APEX.