Virgin shows rise in annual profits

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Profits have also soared in the first part of 2008/09, with Virgin partly attributing the increase to passengers switching from British Airways to avoid the initial problems at Heathrow's Terminal 5.

Virgin reported that its pre-tax profits for the period March 2007 to February 2008 had risen £6.0 million to £34.8 million.

Excluding exceptional items, the 2007/08 pre-tax profit rose 38% to £60.9 million.

Virgin said its business-class passenger numbers rose 22% in 2007/08 and group sales, including tour operator Virgin Holidays, rose 9.1% to nearly £2.37 billion.

The total number of passengers carried during the year increased by 7.6% to 5.7 million.

In the period March-May 2008, pre-tax profits rose to £23.5 million, with sales up 16% to £645.3 million.

Virgin said it had "gained passengers from British Airways" because of the problems that hit the £4.3 billion new Terminal 5 at Heathrow.

The terminal had a shambolic opening in March this year, with flights cancelled, luggage going astray and huge queues.

Virgin has been vociferous in its opposition to the proposed link-up between BA and giant US carrier American Airlines (AA).