Virgin Atlantic has said it has recovered to 98% of its pre-Covid 2019 revenues.
The airline – while still loss-making – generated revenues of £2.9bn for 2022 and underlying earnings of £310m and closed the year with a cash positive balance of nearly £400m, new figures show.
Virgin posted a statutory loss of £342m, for 2022, £144m less than the previous year’s loss.
Shai Weiss, CEO, Virgin Atlantic commented: “2022 was Virgin Atlantic’s year of recovery and ramp up, when we reached new heights. While we ended the year well, it began with the new Omicron strain of the Covid-19 virus and aviation was faced with the return of restrictions on international travel. Thankfully, through the collective efforts of the industry, it was possible to prove that travel was safe, resulting in the removal of remaining restrictions. The devastating war in Ukraine dramatically affected fuel and energy prices and global supply chains. In parallel, inflation stoked a cost-of-living crisis, particularly felt by UK consumers as energy prices rocketed. These factors contributed towards losses, albeit significantly improved on 2021. “By Spring, robust customer demand returned, fuelled in part by revenge travel and the return of the corporate traveller. Failings at Heathrow and complexities of ramp up pushed our operation to its limits but despite these challenges, I’m proud to say we came through the summer with industry-leading completion factors of 99.5%, getting customers to where they needed to be with fewer cancellations and delays than competitors.“
