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"Lazy year " for Virgin Blue but Directors win
“This (last) year was considered lazy by us because we only grew by 16 per cent compared with over 50 per cent the previous year and over 100 per cent the year before.,” With these words Virgin Blue CEO Brett Godfrey set the tone for yesterdays annual general meeting in Brisbane.
Mr Godfrey conceded 2005 was a challenging year of consolidation for Virgin with increased airport terminal costs and runaway fuel prices impacting on the bottom line.
However, he said prospects for 2006 were more encouraging and the airline was cautiously optimistic of a better performance.
Mr Godfrey told the company’s annual general meeting that while the airline would like to see lower fuel prices, it was now well positioned for solid growth.
As for 2006’s strategy, Mr Godfrey said Virgin Blue was focused not only on improving the quality of its revenue streams and continuing its low-cost culture to underpin low fares, but also breaking into the lucrative business traveller market.
He said record jet fuel prices and increased competition with Qantas launching its Jetstar low-cost operation had provided challenges.
During the past year a significant number of strategic projects had been implemented including introducing a loyalty frequent flyer program,Velocity along with selectively expanding the trans-Tasman and South Pacific operations.
These included the launch of Polynesian Blue, a joint venture airline with the Samoan Government, and further development of Pacific Blue, Blue Freight and the Blue Holidays wholesale division.
Shareholders yesterday also approved a 33 per cent rise in directors’ fees, an increase from $750,000 to $1 million.
Graham Muldoon
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