Virgin expects $2.5b revenue ahead of rejoining ASX

Virgin Australia has told staff it generated $2.5b in revenue during the first half of the financial year. CE Jayne Hrdlicka also said in a note that the business expects a profit margin of “roughly 5%” ahead of a likely relisting on the ASX. “This is the first time in many years that Virgin has made a profit,” Hrdlicka wrote. “The results reflect the progress we have made in rebuilding the financial resilience that is so important to Virgin Australia’s long-term success.” Virgin also separately announced a corporate reshuffle that will see ex-Macquarie Bank chairman Peter Warne join its board of directors along with former Goldman Sachs executive Pippa Downes. Earlier in January, the business released a statement claiming it would “seek advice” on a “potential future IPO” but added that no final decision had been made. The group also insisted it would retain a “significant shareholding” if Virgin were to become a public company again. Bain Capital partner Mike Murphy said, “In the coming months, we will consider how best to position Virgin Australia for continued growth and long-term prosperity. “Prior to covid [sic], Virgin Australia had a proud history as a public company. While there is currently no set timetable, at some point in the future, if any IPO does happen, Bain Capital would welcome public market investors joining us as shareholders in what is a great Australian company.""<br/>