Sir Richard's Jetset Airlines?
Paxing All Over The World
One aspect of the Virgin Group that I admire:
They do not cross distribute their customer lists to each other. if they DO, they do not use them for marketing.
For example, I have been a member of VS FF since it started. I have never been approached by any other member of the Virgin Group.
I changed over to Virgin Energy. No pressure from them to even take up their gas supply option. I could name others.
So, when all other groups manipulate their customer lists to make more money - and pester the hell out of you in the process - why does the Virgin Group not do that? They might make more money?
This is not blind support for the group or for VS in particular, simply one question that does indicate that they are sympatheic to the customer's point of view.
They do not cross distribute their customer lists to each other. if they DO, they do not use them for marketing.
For example, I have been a member of VS FF since it started. I have never been approached by any other member of the Virgin Group.
I changed over to Virgin Energy. No pressure from them to even take up their gas supply option. I could name others.
So, when all other groups manipulate their customer lists to make more money - and pester the hell out of you in the process - why does the Virgin Group not do that? They might make more money?
This is not blind support for the group or for VS in particular, simply one question that does indicate that they are sympatheic to the customer's point of view.
Join Date: Sep 1998
Location: UK
Posts: 90
Likes: 0
Received 0 Likes
on
0 Posts
Lou Scannon,
Maths does not appear to be your strong point does it? Branson sold 49% of VS for £600 million (leaving 51% ie £624m). He has used VS as collateral against a £50m loan. Use your calculator if you run out of fingers. I have a mortgage on my house, but I still own it...
Maths does not appear to be your strong point does it? Branson sold 49% of VS for £600 million (leaving 51% ie £624m). He has used VS as collateral against a £50m loan. Use your calculator if you run out of fingers. I have a mortgage on my house, but I still own it...
If you read his autobiography, you will find that throughout the history of Virgin that Sir R and the Virgin group are constantly mortgaing/trading assets to finance another Vigin group enterprise of which there are about 125 now. It seems to have worked so far.
Join Date: Sep 1999
Location: The Deep South (Sussex)
Posts: 783
Likes: 0
Received 0 Likes
on
0 Posts
Apologies Noddy, you are right about maths not being my strong point. Otherwise I could understand why it is necessary for SirDick to mortgage the whole of his 51% to borrow just a mere 50 million. If his share is really worth that amount a maths expert would point out that he need only mortgage less than 10% of his holding to raise the required amount.
Strange!
Strange!
Thread Starter
Join Date: Nov 2000
Posts: 645
Likes: 0
Received 0 Likes
on
0 Posts
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.
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.
Join Date: Mar 2000
Location: United Kingdom
Posts: 97
Likes: 0
Received 0 Likes
on
0 Posts
Great news that a major airline is actually making a profit. However, the numbers I've seen indicate that while profitable, Virgin Atlantic Airways actually had a fall of 17.4% in profits from last year. Pre-Tax profits for the airline subsidiary before exceptional items was £41.4m, down from £50.1m last year.
Still pretty good to show a profit at all but as these things warn, trading conditions are tough.
Interesting to back to near the start of this thread, that one of the pressures on profitability was rising depreciation and operating lease payments as the airline expands.
Still pretty good to show a profit at all but as these things warn, trading conditions are tough.
Interesting to back to near the start of this thread, that one of the pressures on profitability was rising depreciation and operating lease payments as the airline expands.
