UK long-haul airline Virgin Atlantic returned to profit in 2024 for the first time since the start of the Covid-19 pandemic five years ago.

The carrier reported a profit before tax and exceptional items of ?20 million last year, compared with a loss of ?139 million in 2023 and a loss of ?206 million in 2022.

Virgin Atlantic was boosted by ¡°continued demand¡± from business travellers during 2024, as total revenue rose by 6 per cent year-on-year to ?3.3 billion, including ?2.6 billion in passenger revenue - ?1 billion of these sales originated from US customers.

The airline¡¯s total capacity (measured in available seat kilometres) increased by 7.6 per cent last year compared with 2023, as Virgin Atlantic carried a total of 5.6 million passengers during 2024, up from 5.3 million the previous year, with a load factor of 77.3 per cent.

Shai Weiss, the airline¡¯s CEO, called 2024¡¯s financial results ¡°a big step forward¡± for Virgin Atlantic as it prepares to launch several new routes this year.

¡°We returned to profitability for the first time since the pandemic, repaid a large chunk of debt and faced into operational challenges by taking decisive action,¡± added Weiss. ¡°2024 was a turning point for Virgin Atlantic and the culmination of our transformation.

¡°We have a plan in place for 2025, with much to look forward to including a new app, new routes to Toronto, Riyadh and Cancun, a new clubhouse in Los Angeles and greater stability for our operation.¡±

In a statement, Virgin Atlantic said that ¡°continued cost discipline¡± had allowed it to achieve its ¡°highest ever¡± profit before tax and interest (EBIT) of ?230 million in 2024 ¨C up from ?48 million in 2023 and double the previous record set in 1999.

The airline also paid down ?174 million of ¡°pandemic-related¡± debt during the year, as well as completing ?485 of debt financing on ¡°improved terms¡±.

CFO Oli Byers added: ¡°2024 financial results reflect a second consecutive year of our teams delivering record revenues coupled with sustained cost discipline.

¡°Alongside the operating results, we continued to repay large parts of our pandemic debt. Our achievements go a long way towards building a stronger and more secure future for Virgin Atlantic.¡±?

Virgin Atlantic also completed its ¡°fleet transformation¡± during the summer of 2024, which includes an order for seven Airbus A330-900s.