Virgin Atlantic Profit Up, Sees More Growth

Virgin Atlantic said its annual profit almost doubled in 2015, and was set to grow significantly in 2016 as its fuel hedges unwind, enabling it to fully benefit from the lower oil price.

The airline, 51 percent-owned by founder Richard Branson and 49 percent by Delta Air Lines, posted annual pretax profit of GBP£22.5 million in 2015, compared to the GBP£12.4 million it made in 2014.

For this year, Virgin Atlantic said profits would grow significantly as fuel hedges unwind, producing noticeable savings.

While the airline was helped by a 34 percent fall in the crude price last year, that benefit was limited by hedging losses which amounted to GBP£198 million.

Virgin also said it was helped by the growth of its joint venture partnership with Delta on transatlantic services.