Virgin Atlantic hopes for profits in 2023

As the company experienced huge loss of £864 million in 2020 and £486 million in 2021 due to the Covid-19 pandemic, Virgin Atlantic now thinks of the future in a more positive way.

After the reopening of transatlantic routes to the US at the end of 2021, 2022 is considered to be a period of “transition” for the company aiming higher revenues for 2023.

Shai Weiss, Virgin Atlantic’s CEO, commented:

“We look forward to 2022 as a year of transition, from survival to recovery and on to profitability by 2023. While we have learned we can’t predict the future and there will be significant challenges ahead, the outlook is full of promise.”

According to forecasts, financial losses will “significantly narrow again as passenger demand and international travel returns at scale”, while consistent profits will be recorded next year.

The company’s chief financial officer, Oli Byers, also declared:

“Our 2021 financial results reflect the continued challenges faced by our industry due to the Covid-19 pandemic - aviation was one of the first industries to be affected and remains one of the last to fully recover.

“During 2021 we successfully raised over £670 million of new capital and ended 2021 with a robust cash position of £580 million.”

The statements came after originally the company expected 2024 to be the year for the business to return to pre-pandemic revenue levels.

 

Source: businesstravelnewseurope.com