‘The start of vaccine deployment in the UK and across the world is incredibly encouraging’
After a bruising 2020, we are confident that 2021 will be a year of recovery for the aviation industry. At Virgin Atlantic, we have taken decisive action to weather the storm and to survive through the pandemic, and are in a position to rebuild this year. We are confident that the reputation for quality we have developed in 20 years in India and our strategy of always putting customers first will make us the airline of choice as passengers return to flying.
With lower global demand for air travel since the onset of the pandemic, we have seen airlines retiring their larger and less fuelefficient aircraft types. This trend will continue, as sustainability and fuel efficiency become an increasing factor in passengers’ purchase decisions. At Virgin Atlantic, we operate one of the cleanest, youngest and greenest fleets in the industry. We have simplified our fleet, accelerating the retirements of 747s to ensure we have twin-engine aircraft only, contributing to a further 10 per cent saving in CO2 emissions per passenger, building on 18 per cent improvement we have delivered in the last 10 years.
The start of vaccine deployment in the UK and across the world is incredibly encouraging. Widespread deployment is a momentous global task and will take some time, but we are confident that as this ramps-up across the world, confidence in travel will build and allow restrictions to be safely relaxed throughout the year. We have seen indications that there is significant pent up demand for our flights, with passengers looking forward to travelling again this year with confidence.
Another encouraging trend that we hope to see continue in 2021
is Cargo. Cargo revenue has been a success story in 2020, with our services from Delhi and Mumbai to London Heathrow offering vital connectivity to ensure that global supply chains are maintained. This will become even more important as vaccines are distributed across the world, with India, in particular, being one of the largest global producers of vaccines.
Like all travel businesses, the pandemic has had a huge impact on our financial position. We are pleased to have completed a £1.2bn private-only solvent recapitalization of the airline and holiday business. This significant milestone puts Virgin Atlantic in a position to rebuild its balance sheet, restore customer confidence and welcome passengers back to the skies safely, as soon as they are ready to travel. We offer passengers extra peace of mind when travelling with us during the pandemic, with our best-in-class health and safety measures and by offering passengers flexibility when they book, with free date changes and COVID-19 insurance cover as standard.