Virgin Atlantic has narrowed its losses for the year in 2023 to £139 million ($175 million) from £206 million ($260 million) in 2022. Its total revenue was up £265 million ($334.5 million) from 2022 to £3.1bn ($3.9bn) in 2023. Its EBITDA for the year was £352 million ($444.3 million).
The company said that it is on course to return to profitability in 2024. It added that it ended the year with a cash position of £406 million ($512.4 million), up from £399 million ($503.6 million) in 2022.
""A loss is never satisfactory; however, our performance and results illustrate that we have made really good progress in 2023, the plan is working, and Virgin Atlantic is on course to return to profitability in 2024,"" said Virgin Atlantic CEO Shai Weiss.
""In 2023, we flew more sectors than 2019 with four fewer aircraft, illustrating the efficiency of our fleet today,"" said Virgin Atlantic CFO Oli Byers. ""Combined with continued cost discipline and protecting cash, these actions ensure we are positioned to return to profitability in 2024.""
Byers added: ""We will go further this year by welcoming six new aircraft and capacity growth of 12%, while maintaining cost discipline as always, targeting record revenues and operating profit.""
Virgin Atlantic narrows loss to $175 million in 2023; on course to return to profit in 2024
