Virgin readies for IPO in forseeable future
Virgin’s owners, Bain Capital, is looking to list the company on the ASX in order to cash in on the success seen by others in the industry.
Bain purchased the carrier and its velocity program in the early stages of the COVID pandemic for $3.5bn and while partner Mike Murphey says Bain are yet to make a final call it would seem likely it will list sooner rather than later as rival airlines Qantas and REX have seen growth of 45 percent and 20 percent respectively since July.
Virgin chief executive Jayne Hrdlicka told staff this week and in a note obtained by The Australian Financial Review, said Virgin is in a great position.
“We have taken this company to a position of real strength, we have a robust strategy and resilient business model, reflected in strong market share and high loads,” Hrdlicka said.
“We have grown our fleet by nearly 60 per cent over the last two years and will welcome brand-new 737-8 aircraft to the fleet this year.”
The move to begin the IPO process is a fast turnaround in relation to other private equity ventures in Australia. Bain took six years to re-float its last big ASX venture, MYOB.
The proposed listing also serves as another reminder that the travel industry is in the middle of a major bounce back following recent years of interruptions. For the first time in 15 years Australia has a new, independent airline with Bonza and although Virgin Australia posted an underlying loss of $386.7m in the year to June 30 Hrdlicka said “we are profitable and have the financial strength to invest in building resilience in our airline and supporting continued growth.”
The Transport Workers Union (TWU) said workers whose sacrifices ensured the company’s long-term future during a lengthy administration process must now be recognised.
“TWU members fought hard to save Virgin and have held new owners to account over the past two years, securing vital long-term commitments to the airline and workforce,” TWU national secretary, Michael Kaine, said.
“Virgin’s passionate and loyal workforce have stood by the company through incredibly tough times, and worked hard through immense workload pressures to ensure the business returned as a strong competitor.
“With a float now on the cards, workers must be rewarded for their crucial role in the company’s success. We welcomed Virgin’s announcement that it would bring forward a bonus profit share scheme as inflation surged, as well as additional reward payments.”
Email the Travel Weekly team at traveldesk@travelweekly.com.au
asx Bain Capital ipo jayne hrdlicka Transport Workers Union twu virgin australiaLatest News
Celebrity Ascent makes its European debut
Choosing to cruise this northern summer? Celebrity Ascent promises to raise the bar.
NCL opens sales for Norwegian Sun’s APAC debut, announces 14 new voyages
It was to be 13 new voyages we heard, but given the numbers unlucky nature, an extra had to be thought up.
Inside Travel Group appoints Tom Welland Global Trade Marketing Manager
Heidi's Tom Welland heads to Inside Travel Group as its new Global Trade Marketing Manager.
Federal Government rolls out $1.4m program to promote careers in tourism across regional NSW
The Government taking a break from some of its pointier issues with some work in our incredible industry!
Australian visitors to South Korea surge
Japanned out? Aussies are adding South Korea to their bucket list.
G Adventures celebrates Dr. Jane Goodall’s 90th with new wildlife-focused trips
Fancy yourself as a bit of a conservationist? Put your skills to the test on the Jane Goodall collection.
Virgin Australia says suspended flights to Bali result of Boeing MAX delays
If only we had a company like Boeing to blame our mistakes on. Any takers? Get in touch!
Airline Review: Singapore Airlines Business Class – A380-800
The iconic Singapore Airlines' A380-800 is in a class of its own - business class that is.
South African Airways to relaunch Joburg – Perth flights as economic ties strengthen
Bringing two of the world's most distinctive accents closer together, for good or for bad is yet to be determined.
My journey: Before becoming a travel agent I was… a palliative care nurse
Australind Travel & Cruise, Travellers Choice member Saibra Twigg reveals her life as paediatric nurse then to palliative care before a career leap to travel agent. How did you become a palliative care nurse? ST I went straight from school in nursing and initially specialised in paediatrics, working at Perth’s Princess Margaret Hospital for Children. […]
Emirates unveils future plans with new hub at Al Maktoum International Airport
We've also been looking into our future. It involves plenty of famils, we hope.
Australia fails to make top 10 destination list for American travellers
Australia's top cities have failed to make the grade with American travellers this northern summer, with no local city in the top.
APT Launches 2025 Asia Adventures
APT has launched its Asia Adventures for 2025, including new luxury holidays in India, Sri Lanka and Japan. Five new tours lead guests to the highlights of India, including a seven-night cruise along the rarely travelled Lower Ganges aboard the Ganges Voyager. Further south, Sri Lanka’s greatest destinations are revealed on a new 15-day Land […]
ANZAC Battlefield travel on the 2025 bucketlist
As Anzac Day dawns, agents prepare for a surge in bookings for the 110th anniversary of the Anzac Cove landings.
Former Channel 9 Getaway host and founder of TRIBE Jules Lund to speak at Travel DAZE
From blond-tipped travel reporter to Travel DAZE speaker, Jules Lund cuts through the BS.
HX’s Roald Amundsen finds aliens in the Antarctic
Forget whales, HX's MS Roald Amundsen captures aliens in the Antarctic - and they're not pretty.
Mayhem in France as 70% of flights face cancellation
I mean it wouldn't be France if there wasn't at least one strike.
Etihad Airways launches double-decker service with world’s only in-air three-room suite
We imagine falling asleep in the three-room suite is superior to falling asleep on your neighbour's shoulder.
Norwegian Cruise Line launches 2024 Europe travel season
Europe certainly has a lot of ports. Its time for Australia to up its game.
“The power of travel for positive change” – Intrepid’s Jenny Gray hails controversial all-women Saudi Arabia trip
There is an awful lot to love about this tour from Intrepid. Where do we sign up?
Princess names the Sun, unveils Sanctuary Collection + Star Princess to Alaska in ’26
A huge bottle of Veuve was smashed into the side of the ship to make things official. So no, we couldn't snag a glass.
Collette special offers across peak northern summer season
If you are craving a trip to Europe then grab this deal with both of your grubby hands.
Air India and All Nippon codeshare between the two countries
Here at TW we agreed that the photo would have worked better if they had swapped planes.
A&K offers minimum 18 weeks paid parental leave
Contrary to what the photo suggests this benefit is only applicable for humans. Back to work Mrs Jumbo.
NH Hotel Group rebrands as Minor Hotels Europe & Americas
Hang around the bends of the hotels. We imagine they will be full of a lot of branded content.
Scenic Eclipse II – the business of creating unforgettable life-changing memories
These cruise brothers from another mother offer a view of cruising on Scenic Eclipse II that is poles apart.
MSC builds new hospital ship with Mercy Ships
If you want to read a story that puts a smile on your face then this is the one for you.
“I peed on myself watching this” – Social media users squirm at Royal Caribbean’s Harmony of The Seas 55ft dive video
TW is not responsible for any involuntary actions your body might have after watching this video.
FLIGHT REVIEW: Qantas Boeing 787 Dreamliner business class
The real bonus is you're unlikely to be around screaming children. Hoorah!
Traveltek offers travel agents new rapid deploy cruise website
As always, if you have any issue with the platform, just turn it off and on again.
Experience whale watching & classical music at the Australian Festival of Chamber Music in Townsville
Disappointedly, the whales do not start singing in tune with the orchestra. Opportunity missed.
Fond, very Fond. London hotel famed for James Bond link adds ‘Classic Comforts’ lunch menu
James Bond author Ian Fleming was so fond if this hotel, it inspired the legendary phrase ‘shaken, not stirred’.
What sets Eclipse Travel apart with Africa expert Hilary Dubyk: Travel Weekly TV
If you want to know more about Africa, then Hilary Dubyk is your person.
Surge in Australians visiting Japan
Feel like all of your friends have just returned from Europe? Now it's Japan.
Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit
Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]
Sydney named 17th best place to work remotely
If you struggle to get a seat within Sydney's coffee shops, you now know why.