OPINION: The once beaten down, serial loss-making Virgin Australia looks to be one of the biggest winners, after Qantas, of the recovery in domestic travel. Its 2023 IPO looks ready to fly.
The return to profitability of Virgin Australia and the appointment of veteran director Peter Warne to the company’s board sends a strong signal that 2023 is the year the airline’s initial public offering will fly.of “roughly 5 per cent” on its 2023 first-half revenue of $2.5 billion.In other words, it earned more revenue in the six months to December 31 than it earned in the entire 2022 financial year.
If they are sensible, Virgin’s owners, Bain Capital, will resist the temptation to be greedy. It will share with retail and institutional investors Virgin’s upside, including a mix of capital gains and income. Its winning strategy from the early, profitable days was abandoned in favour of being a Qantas mini-me. This proved to be a costly mistake that resulted in the business being loaded up with debt.
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