VIRGIN ATLANTIC AIRWAYS LIMITED
Operating under the Virgin Atlantic brand, the company is a British long-haul passenger airline jointly owned by the Virgin Group and Delta Air Lines, providing scheduled flights from its main hubs at London Heathrow and Manchester.
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Cash
£353M
-6.8% vs 2024
Net assets
-£1.3B
+2.1% vs 2024
Employees
8,036
+5.3% vs 2024
Profit before tax
-£194M
-146.7% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
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Material uncertainty over going concern
We draw attention to note 3 to the financial statements which indicates that in a plausible worst case scenario driven by geopolitical risks, cash and cash equivalents would breach current liquidity covenants over a portion of the external debt in Q4 2026 but all other covenant requirements would be met. These events and conditions, along with the other matters explained in note 3, constitute a material uncertainty that may cast significant doubt on the group's and the company's ability to continue as a going concern.
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4 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
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Going-concern uncertainty disclosed
-
Negative shareholders' funds
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £3,118,900,000 | £3,301,300,000 | £3,370,200,000 | +2.1% | |
| Operating profit | £83,700,000 | £230,500,000 | £123,500,000 | -46.4% | |
| Profit before tax | -£213,400,000 | -£78,600,000 | -£193,900,000 | -146.7% | |
| Net profit | -£214,300,000 | -£82,100,000 | -£194,200,000 | -136.5% | |
| Cash | £335,300,000 | £378,900,000 | £353,000,000 | -6.8% | |
| Total assets less current liabilities | £2,172,200,000 | £2,283,600,000 | £2,203,000,000 | -3.5% | |
| Net assets | -£1,173,100,000 | -£1,280,300,000 | -£1,253,000,000 | +2.1% | |
| Equity | -£1,173,100,000 | -£1,280,300,000 | -£1,253,000,000 | +2.1% | |
| Average employees | 8,348 | 7,629 | 8,036 | +5.3% | |
| Wages | £351,300,000 | £400,200,000 | £444,900,000 | +11.2% | |
| Directors' remuneration | £3,600,000 | £2,900,000 | £11,000,000 | +279.3% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 2.7% | 7.0% | 3.7% | |
| Net margin | -6.9% | -2.5% | -5.8% | |
| Return on capital employed | 3.9% | 10.1% | 5.6% | |
| Gearing (liabilities / total assets) | 129.9% | 130.4% | 131.0% | |
| Current ratio | 0.60x | 0.60x | 0.60x | |
| Interest cover | 0.26x | 0.68x | 0.36x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- VIRGIN ATLANTIC AIRWAYS LIMITED 1984-05-15 → present
- RITTER PUBLIC LIMITED COMPANY 1981-11-26 → 1984-05-15
Audit & accounting basis
- Accounting basis
- UK-adopted IFRS
- Reporting scope
- Consolidated group
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“We draw attention to note 3 to the financial statements which indicates that in a plausible worst case scenario driven by geopolitical risks, cash and cash equivalents would breach current liquidity covenants over a portion of the external debt in Q4 2026 but all other covenant requirements would be met. These events and conditions, along with the other matters explained in note 3, constitute a material uncertainty that may cast significant doubt on the group's and the company's ability to continue as a going concern.”
Group structure
- VIRGIN ATLANTIC AIRWAYS LIMITED · parent
- VA Cargo Limited 100%
- VAA Holdings Jersey Limited 100%
- VAA Holdings UK Limited 100%
- Fit Leasing Limited 100%
- Virglease (3) Limited 100%
- Virglease (4) Limited 100%
- Virgin Atlantic International Limited 100%
- Virgin Holidays Limited 100%
- Virgin Incoming Services Incorporated 100%
Significant events
- “Subsequent to the reporting date, geopolitical tensions in the Middle East have intensified, resulting in operational disruption across the region, including airspace restrictions, and increased volatility in global energy markets. The Group's direct exposure to the Middle East remains limited, representing approximately 5% of total capacity, and accordingly the immediate operational impact is not expected to be material. However, the wider conflict in the region has contributed to heightened volatility in jet fuel prices, which may influence operating costs depending on the duration and extent of market disruption.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
13 active · 70 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BRISTOLL, Kelly | Secretary | 2026-04-01 | — | — |
| BASTIAN, Edward Herman | Director | 2013-06-24 | Jun 1957 | American |
| BAYLISS, Joshua | Director | 2024-12-31 | Apr 1973 | British |
| BELLEMARE, Alain | Director | 2021-02-11 | Jun 1961 | American |
| BRAMBILLA, Luigi | Director | 2021-01-20 | Nov 1983 | Italian |
| BRANSON, Richard Charles Nicholas, Sir | Director | — | Jul 1950 | British |
| CARTER, Peter William | Director | 2022-05-06 | Mar 1963 | American |
| ENE MURPHY, Andreea | Director | 2022-06-08 | Aug 1985 | Romanian |
| HOROUFCHIN, Hirad | Director | 2024-12-31 | Sep 1989 | German,British |
| HUSSAIN, Ansar | Director | 2026-01-01 | May 1986 | British |
| JAERVINEN, Juha Tapio | Director | 2019-07-01 | Feb 1976 | British,Finnish |
| KOSTER, Cornelis Johan Albert | Director | 2017-08-01 | Aug 1971 | Dutch |
| WOODMANSEE, Rebecca | Director | 2026-01-01 | Aug 1974 | British |
Show 70 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| AVANN, Andrew Raymond | Secretary | 1992-04-06 | 2000-05-02 |
| BAKER, Nicholas John | Secretary | — | 1992-04-06 |
| DE SOUSA, Ian Mario Joseph | Secretary | 2000-05-02 | 2020-08-31 |
| HOMERSTONE, Julian | Secretary | 2020-09-01 | 2026-03-31 |
| HAL MANAGEMENT LIMITED | Corporate Secretary | — | 1999-06-17 |
| AARON, Wayne Ivan | Director | 2013-06-24 | 2016-01-01 |
| ABBOTT, Trevor Michael | Director | — | 1997-12-09 |
| ANDERSON, Mark Michael Charles | Director | 2019-01-01 | 2019-07-01 |
| BAXBY, David Andrew | Director | 2006-03-06 | 2013-07-31 |
| BENNETT, Christopher John | Director | 2024-04-01 | 2025-05-10 |
| BERRY, Kenneth Malcolm | Director | — | 1992-06-08 |
| BEY, Soo Khiang | Director | 2008-06-01 | 2010-12-15 |
| BEY, Soo Khiang | Director | 2004-01-20 | 2004-11-09 |
| BOWKER, Steven Richard | Director | 2000-10-04 | 2001-11-29 |
| BRANDON-FARROW, Frances Elizabeth | Director | 1994-07-18 | 2008-12-04 |
| BURROUGHS, Ian Steven | Director | 2000-06-28 | 2000-10-01 |
| BYERS, Oliver Mark | Director | 2020-09-21 | 2025-12-31 |
| CANTARUTTI, Perry Anthony | Director | 2013-06-24 | 2015-08-15 |
| CHAMBERS, Alan James | Director | 2000-04-27 | 2001-06-07 |
| CHAN, Hon Chew | Director | 2010-03-01 | 2013-06-24 |
| CHAN, Hon Chew | Director | 2006-06-01 | 2010-03-01 |
| CHEONG, Choong Kong, Dr | Director | 2000-03-30 | 2003-03-01 |
| CHEW, Choon Seng | Director | 2003-03-01 | 2006-03-01 |
| CHEW, Choon Seng | Director | 2000-03-30 | 2003-03-01 |
| GARDNER, Roy Alfred Wallace | Director | — | 2000-04-01 |
| GOH, Choon Phong | Director | 2006-03-01 | 2006-06-01 |
| GRIFFITHS, Paul Dennis | Director | 1993-10-26 | 2001-11-29 |
| GRIFFITHS, Stephen Mark | Director | 2009-03-16 | 2013-06-30 |
| HAUENSTEIN, Glen William | Director | 2013-06-24 | 2022-05-06 |
| HUANG, Cheng Eng | Director | 2003-07-15 | 2008-06-01 |
| JAMES, Dwight Lamar | Director | 2016-01-01 | 2022-06-08 |
| JAMES, Dwight Lamar | Director | 2016-01-01 | 2022-06-08 |
| KREEGER, Craig Stuart | Director | 2013-01-31 | 2018-12-31 |
| LIVETT, Timothy James | Director | 2010-10-31 | 2014-07-07 |
| MACKAY, Thomas Owen | Director | 2017-03-01 | 2020-09-20 |
| MCCALLUM, Gordon Douglas | Director | 2013-07-31 | 2022-06-08 |
| MCCALLUM, Gordon Douglas | Director | 2000-06-28 | 2000-10-04 |
| MOORHEAD, John Patrick | Director | 2012-07-01 | 2013-01-21 |
| MURPHY, Stephen Thomas | Director | 2001-11-29 | 2012-07-01 |
| NG, Chin Hwee | Director | 2010-03-01 | 2013-06-24 |
| NIGHTINGALE, James Handley, Captain | Director | 1994-07-18 | 1995-04-21 |
| NORRIS, Peter Michael Russell | Director | 2012-07-01 | 2026-05-31 |
| PEACHEY, Jonathan James | Director | 2008-12-04 | 2012-04-01 |
| PENNINGTON, Sydney Dennis | Director | — | 1994-07-18 |
| PIEPER, Nathaniel Joseph Wenzil | Director | 2015-08-15 | 2017-08-01 |
| PITMAN, Brian Ivor, Sir | Director | 2004-11-09 | 2010-03-11 |
| POOLE, Mark | Director | 2000-06-28 | 2012-07-01 |
| PRIMROSE, Nigel Edward | Director | — | 2000-11-30 |
| RIDGWAY, Stephen Blakeney | Director | 1994-07-18 | 2013-01-31 |
| ROBERTS, Keith Texas | Director | 2012-04-01 | 2013-01-21 |
| SEAR, Steve | Director | 2020-02-01 | 2021-02-11 |
| SEOW, Eng Wan Joey | Director | 2010-12-15 | 2011-05-09 |
| SIM, Kay Wee | Director | 2000-03-30 | 2000-11-06 |
| SIRISENA, Mervyn | Director | 2003-07-15 | 2004-11-09 |
| SIRISENA, Mervyn | Director | 2000-03-30 | 2003-07-15 |
| SOUTHERN, Julie Helen | Director | 2001-06-07 | 2013-05-10 |
| STRAMBI, Lyell Francis | Director | 2001-06-07 | 2008-10-31 |
| SUTTON, William George | Director | 1997-02-12 | 1997-04-30 |
| SYN, Chung Wah | Director | 2001-06-07 | 2003-07-15 |
| TAIT, David Martin | Director | 1993-04-01 | 2001-11-29 |
| TAN, Michael Jiak Ngee | Director | 2000-03-30 | 2004-01-20 |
| TAN, Paul Wah Liang | Director | 2008-08-01 | 2013-06-24 |
| TAN, Pee Teck | Director | 2010-06-01 | 2013-06-24 |
| TAN, William Seng Koon | Director | 2000-03-30 | 2001-06-07 |
| TEOH, Tee Hooi | Director | 2006-03-01 | 2010-03-01 |
| TEOH, Tee Hooi | Director | 2003-03-01 | 2006-03-01 |
| THOENG, Tjhoen Onn | Director | 2000-11-06 | 2008-08-01 |
| WEISS, Shai Joseph | Director | 2013-01-21 | 2025-12-31 |
| WOODS, Ian Philip | Director | 2014-07-07 | 2021-01-20 |
| YEOH, Phee Teik | Director | 2011-05-09 | 2013-06-24 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Virgin Travel Group Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 837 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-01 | TM01 | officers | Termination director company with name termination date | |
| 2026-05-10 | AA | accounts | Accounts with accounts type group | |
| 2026-05-06 | CH03 | officers | Change person secretary company with change date | |
| 2026-04-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2026-04-01 | AP03 | officers | Appoint person secretary company with name date | |
| 2026-04-01 | TM02 | officers | Termination secretary company with name termination date | |
| 2026-03-05 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2026-02-23 | CH01 | officers | Change person director company with change date | |
| 2026-02-04 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2026-01-06 | CH01 | officers | Change person director company with change date | |
| 2026-01-06 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-05 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-05 | TM01 | officers | Termination director company with name termination date | |
| 2026-01-05 | TM01 | officers | Termination director company with name termination date | |
| 2026-01-05 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-15 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-12 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-12 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-08 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-08 | MR04 | mortgage | Mortgage satisfy charge full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 0
- Officers appointed
- 3
- Officers resigned
- 4
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.