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Sir Richard Branson's Virgin Atlantic today posted a near-doubling of pre-tax profits to £68.4 million, up from £34.8 million the year before, just days after British Airways totted up losses of £401 million.
In what it called “the most volatile trading conditions in the airline's 25-year history”, when oil prices peaked at $147 per barrel and subsequently fell as low as $38 per barrel, Virgin saw sales take off 8.4%, reaching £2.579 billion in the year to February.
The airline's chief executive Steve Ridgway said, “We are winning market share from our competitors during the toughest trading environment ever.”
The firm also said that the planned tie-up between BA and American Airlines would “not be in the interests” of customers.
