Virgin Atlantic Posts First Profit Since 2011

Sir Richard Branson has applauded staff at Virgin Atlantic after the airline posted its first annual profit since 2011.

The airline made £14.4m in 2014 following a pre-tax loss of £54m the previous year.

It credited strategic changes along with operational and cost efficiencies for achieving a target set in February 2013 to return to profitability within two years.

Sir Richard, who founded the airline and remains its president, said: "I can't think of a better way to complete our 30th birthday year than with a return to profit.

"The team at Virgin Atlantic has done a great job in turning around the airline and has the right strategy to take the business from strength to strength.

"Keeping our customers and our people at the heart of everything we do gives me great confidence in our future and I look forward to the next 30 years."

Chief executive Craig Kreeger said the results marked the conclusion of the recovery period, putting "firm foundations in place for the future".

Virgin group revenue was £2.9bn in 2014, with Virgin Holidays recording a profit for the year before tax and exceptional items of £5.7m, up £3m year on year.

It also marked a rise in passenger satisfaction scores despite more than 14% of its aircraft running behind schedule.

The carrier has begun a fleet regeneration programme towards more fuel-efficient aircraft and said its joint venture partnership with Delta, which began in January last year, helped it achieve 4.5 million ticket sales for joint venture services in 2014.

Among new routes to be launched this summer will be services between Manchester and Atlanta (BSE: ATLANTA.BO - news) and London Heathrow and Detroit.