A few days after British Airways annouced they have made a loss Virgin Atlantic have annouced they have doubled their annual profits.
Profits have soared from £34.8m to £68.4m despite the economy being in a recession and oil prices.
Virgin Atlantic part owned by Sir Richard Branson flew 5.8 million passengers over the period, helped by their premium service as a number of premium travlers enjoyed their service. Where as British Airways reported a reduction in 13% of their premium service showing that Virgin Atlantic are the top performers in this sector.
With the high prices of fuel Virgin Atlantic reported they spent £1bn on fuel last year, which at one point last year the price was $147 a barrel. They profited from the rate of currency exchanges
Currently Virgin Atlantic employes 8,500 and has 38 Airplanes. The staff will receive a 10% bonus from the companies profits.
Branson said: “To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff.”
