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Virgin Atlantic announces £80.2 million loss

3 Aug 2012 by BusinessTraveller
Virgin Atlantic has announced a pre-tax group operating loss of £80.2 million for the year to February 29, 2012. Commenting on the results CEO Steve Ridgway said: “In an incredibly challenging market, we have managed to grow top line revenues and fly more customers than last year. "However, with the prevailing uncertainty in the economy, sky high fuel prices and a 25 per cent hike in our air passenger duty fees, converting this sales growth into profit has not been possible.” The loss compares to a profit of £18.5 million for the previous year, and comes despite a 3 per cent increase in revenues to £2.74 billion, and a 2 per cent rise in passenger numbers to 5.4 million. In recent months Virgin has undergone a £100 million investment in its Upper Class product, including: The carrier has also started new routes to Cancun and Vancouver, but will withdraw its Nairobi service from September 23. For more information visit virginatlantic.com. Report by Mark Caswell
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