Sir Richard's financial situation might not be too desperate. From today's Airwise:
Profits Boost As Virgin Weathers Tough Times
Jul 30, 2001
Despite a tough business climate UK airline Virgin Atlantic boosted pre-tax profits by GBP£5.5 million in its last fiscal year which ended in April.
The London-based carrier today announced a figure of GBP£45.5 million (USD$64.8 million) compared to GBP£40 million last year. Turnover rose from GBP£1.27 billion to GBP£1.52 billion.
Virgin chairman Sir Richard Branson highlighted difficult market conditions thoughout the year, citing intense competition, high fuel prices and a weak British pound.
"During the last quarter... signs of an economic slowdown in the USA have impacted on the transatlantic market at home and overseas, particularly for busines traffic," he said. "Despite this the yields and load factor achieved by the airline have been strong."
During the year Virgin expanded with the launch of new services to Las Vegas and Delhi and increased frequencies to San Francisco, Cape Town and Shanghai.
The airline added five more aircraft to its fleet, bringing the total to 34, and placed orders for a further eleven planes - split between Boeing and Airbus.
Virgin, which carried a total of 4.4 million passengers - up by half a million - was also named OAG Airline of the Year.