Profits soar at Virgin Atlantic

Virgin Atlantic has reported a pre-tax profit of £72 million for the six months to the end of August 2008.

This represents an increase of £43 million for the same period of 2007. Furthermore, revenues in the period were £1.37 billion, up by some 15 per cent on the same period last year.

The figures were revealed by the airline’s chief executive Steve Ridgway in a speech at the International Aviation Club in Washington yesterday, who explained the organisation had "cushioned our business well" to remain robust during the present slump.

Virgin Atlantic also confirmed it had £688 million cash in the bank at the end of the first half of the financial 2008/09, compared with £599m at the end of the last financial year (2007/08).

Passenger traffic at the carrier is up three per cent to 3 million for the first six months. Upper Class traffic was strong - up six per cent year on year.

Chris O'Toole