Virgin praises staff ‘team spirit’ and forecasts return to profit next year

By Lisa James
Home » Virgin praises staff ‘team spirit’ and forecasts return to profit next year

Virgin Atlantic CEO Shai Weiss has praised employees’ ‘impressive team spirit’ as the airline revealed improved financial results.

For the full year to 31 December 2021, the airline reported losses of £486 million – an improvement of £378 million on the previous year – and said it is on course to become profitable in 2023.

Mr Weiss said: “The Delta and Omicron variants and continued travel restrictions meant that ramp up was delayed and demand curtailed such that the airline now expects to return to profitability in 2023.

“My sincere thanks go to the amazing people of Virgin Atlantic for displaying the most impressive team spirit I have ever seen.

“Together we turn our focus to the opportunity ahead and 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. This will be the year we get back to our very best for our people and our customers.”

Virgin Atlantic CFO Oli Byers said: “2022 will be a year of transition as we move from survival into recovery and capitalise on the return of customer demand. We have cause for optimism balanced with macro-economic and political uncertainty, alongside the residual risks of the pandemic.

“We anticipate a return to profitability in 2023, driven by a recovery in air travel demand and more than £300m annual cost savings, already delivered.

“With the unwavering commitment and belief of our people, our customers, our partners and our shareholders, together we have ensured that Virgin Atlantic is emerging from the pandemic in a strengthened financial position and continues to play a vital role in the recovery of UK economy, proudly flying and reuniting families, friends and colleagues around the globe for decades to come.”

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