Virgin Atlantic Cargo reports revenue growth
Virgin Atlantic Cargo has reported revenues of Â£221 million (US$326 million) for 2014, reflecting another year of resilience in a fluctuating global air cargo market that saw yields decline for the third year in a row.
March 11, 2015
By Denice Cabel
Virgin Atlantic Cargo has reported revenues of £221 million (US$326 million) for 2014, reflecting another year of resilience in a fluctuating global air cargo market that saw yields decline for the third year in a row.
The UK and Europe contributed strong revenue and tonnage gains for the year. UK revenues grew 6 per cent over 2013, while Europe recorded 5 per cent growth. Overall, Virgin Atlantic carried 224,139 tonnes for the year as a whole, matching its result for last year despite a reduction in capacity due to route and aircraft changes. The airline’s load factor of 74 per cent continued to be well ahead of the industry average.
John Lloyd, Virgin Atlantic’s director of cargo, said: “When you look at the industry as a whole, our business and share of the market has remained resilient for each of the last five years in what remains a very challenging operating environment. IATA data shows that cargo revenues for the industry were basically unchanged at US$62 billion in 2014 and are still US$5 billion below their 2011 peak. Overall, we held our position well last year and achieved a slight increase in our market share thanks to continuing high load factors, which enabled us to make another strong contribution to the airline’s financial results.”