Virgin Atlantic flies back to profit after turbulent year
Tuesday 06 May 2003
Sir Richard Branson's Virgin Atlantic bounced back into the black last year, making a £10m profit .
The result represents a £100m turnaround from 2001-02 when the airline lost £92m after the terrorist attacks of 11 September and the worldwide downturn in air travel.
The profit for the year to April 2003 came despite a £100m fall in turnover to £1.4bn and a lack of traffic growth with passenger numbers static at four million.
Sir Richard said he was hopeful of making a profit from the airline in the current year despite difficult economic conditions, the impact of the Iraq war and the Sars virus.
He said Virgin would keep a firm grip on costs in the face of continuing pressure on yields. However, he ruled out any further job losses and said that Virgin had taken back about half of the 1,300 staff laid off after 11 September.
Sir Richard said he was "extremely determined" to see Concorde remain in the air and had been heartened by the interest shown by the Secretary of State for Trade and Industry, Patricia Hewitt, in Virgin's attempts to take over the supersonic aircraft from British Airways.
If Virgin is successful in taking control of the seven-strong BA fleet it would probably introduce a two class service which would enable more people to afford to fly supersonic. The current return fare to New York with BA is £8,000.
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 4 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Amber Peat: Body found in search for missing 13-year-old who ran away after argument with her parents
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...