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| Profits jump at Virgin Atlantic | Profits jump at Virgin Atlantic |
| (31 minutes later) | |
| Virgin Atlantic has reported a sharp rise in profits in the year to the end of February, bucking the trend seen by other airlines. | Virgin Atlantic has reported a sharp rise in profits in the year to the end of February, bucking the trend seen by other airlines. |
| Annual pre-tax profits reached £68.4m ($109m), nearly double the £34.8m seen in the year earlier. | Annual pre-tax profits reached £68.4m ($109m), nearly double the £34.8m seen in the year earlier. |
| It said the results had been helped by a rise in premium fare passengers. | It said the results had been helped by a rise in premium fare passengers. |
| The results are in contrast to other airlines, including British Airways which reported an annual loss before tax of £401m last week. | The results are in contrast to other airlines, including British Airways which reported an annual loss before tax of £401m last week. |
| BA said the level of premium fare travellers had fallen by 13% in the second half of its financial year and it had seen a rise in fuel costs. | |
| 'Tough' | |
| Virgin Atlantic chief executive Steve Ridgway said: "We are winning market share from our competitors during the toughest trading environment ever." | Virgin Atlantic chief executive Steve Ridgway said: "We are winning market share from our competitors during the toughest trading environment ever." |
| Talking to the BBC, Mr Ridgeway added that successful hedging of fuel had helped the firm, by buying in advance before fuel prices surged. | |
| During the year, the price of oil veered from as much as $147 a barrel to as little as $38. | |
| But he warned: "This year is going to be tough," adding that the airline would "cut costs as aggressively as possible". | |
| Sir Richard Branson, the president and founder of Virgin Atlantic, said: "The last financial year has proven to be the most volatile yet in our 25-year history." | Sir Richard Branson, the president and founder of Virgin Atlantic, said: "The last financial year has proven to be the most volatile yet in our 25-year history." |
| "To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff at Virgin Atlantic." | "To increase profits against a backdrop of such a severe recession is an excellent achievement by all of our staff at Virgin Atlantic." |
| Group sales, which include sales from tour operator Virgin Holidays, increased by 8.4% to £2.579bn from £2.38bn in the year before. | |
| Virgin Atlantic is challenging a possible tie-up between BA and American Airlines, citing competition concerns. |