Virgin Atlantic has managed to nearly double its pre-tax profits in the toughest trading environment of its 25-year history.
The airline grew profits from £34.8 million last year to £68.4 million for the year from March 2008 to February 2009.
It said the growth was down to a rise in premium travellers and “prudent management decisionsâ€.
Group sales, including its tour operator business Virgin Holidays, rose 8.4% from £2.380 billion to £2.579 billion.
The total number of passengers carried during 2008 increased to 5.77 million.
Virgin employees will benefit from a bonus payout, as 10% of the group’s profits is shared among staff.
President Sir Richard Branson said: “The last financial year has proven to be the most volatile yet in our 25-year history. To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff.â€
The results are in stark contrast to other airlines, including rival British Airways which reported an annual loss before tax of £401m last week (see separate story today).
BA said premium traffic had fallen by 13% in the second half of its financial year.
Virgin chief executive Steve Ridgway added: “We are winning market share from our competitors during the toughest trading environment ever.â€
By Bev Fearis
