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Virgin Atlantic today announced a package of initiatives which are designed to build on the gradual improvement in market conditions and strengthen the company's return to growth and profitability. The package includes:
· R & D funding for new product initiatives
· expansion of the route network as the market recovers
· expansion of Virgin Holidays' programme to include more worldwide
destinations
· completion of the new Virgin Atlantic Hangar at Heathrow, which is the only one in the UK capable of taking new generation aircraft like the A340/600
· expansion of Virgin Travelstore, one of the UK's fastest growing travel websites
Sir Richard Branson, chairman of Virgin Atlantic, said:
"After September 11 we moved more quickly and decisively than our rivals to realign our business to the new demands of the market place. As a result both shareholders, Virgin and Singapore Airlines, have agreed, between them, to inject £25m of new investment into the airline. This will boost the efforts being made by the company to set aside funds for key projects and accelerate the return to growth and profitability.
"Our aim has always been to put the company in a position where we can move quickly to take advantage of new opportunities as they arise."
Earlier this week Virgin Atlantic announced plans to create around 300 new jobs over the remainder of the year - the first recruitment drive since the airline's restructure in response to the events of 11 September. Earlier in the year the airline announced it would be adding some additional frequencies to popular destinations like Orlando, Lagos, Shanghai and New York. The airline will also be launch customer for the new A340-600 aircraft, the first of which will be delivered this summer.
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