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Revenue slump for Virgin Express
Richard Branson’s Virgin Express airline has reported a nosedive in revenue, and has blamed growing competition on European routes for the slump.
The company, which is battling for business with the no-frills carriers as well as the full-service and charter sectors of the industry, said its income amounted to just over £143 million last year, 13% down on the year before.
The drop in revenue came despite Virgin pruning its fleet of aircraft from 13 to 11, and travellers spending more money on services such as seats with extra legroom, pre-ordered meals, overweight luggage and lounges, Sky News reported.
The Brussels-based airline also slapped a fuel surcharge on tickets last year following a record rise in oil prices. The company’s pre-tax deficit for the year was £4.6 million, but that was still an improvement on 2003, when the airline racked up a loss of more than £13 million.
Virgin Express said it had cut costs from £11.1 million to £2.7 million, and had worked hard on punctuality, with more than 90 per cent of flights leaving and arriving on schedule.
Report by News From Abroad
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