Virgin Atlantic yesterday reported strong results, despite the present economic difficulties, with pre-tax profits nearly doubling to ?68.4m ($109.6m) in its last financial year to the end of February.

At the same time, sales were up by 8.4% to ?2.5bn ($4m) as passenger numbers rose to 5.77m. yesterday reported strong results, despite the present economic difficulties, with pre-tax profits nearly doubling to ?68.4m ($109.6m) in its last financial year to the end of February. At the same time, sales were up by 8.4% to ?2.5bn ($4m) as passenger numbers rose to 5.77m.

Virgin said that one major reason for the increase was a rise in the number of premium class passengers and what it called 'prudent management decisions' on oil price hedging in a year when prices fluctuated between $140 per barrel to $38.

The airline also described the current climate as the 'most volatile trading conditions in the airline's 25-year history.'

Sir Richard Branson, Virgin Atlantic's president, 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.’