Virgin has cancelled meetings with potential investors, while it separately waits for an update on its Boeing order amid manufacturing troubles.
But the presentation did say Virgin had reduced net-debt from $5.1 billion in June 2020 to about $2 billion as of December, and estimated that underlying earnings before interest and tax margin would be 11 per cent in the half-year to December 2023.
The airline is separately scrambling to identify whether production issues at Boeing will lead to delays for its order of more than 30 737 MAX aircraft. The company has ordered eight Boeing 737 MAX 8 aircraft, with deliveries expected this year, and 25 MAX 10s. A Virgin Australia spokeswoman said it was aware of the issue, but had yet to receive any updated information from Boeing about what this would mean for its order.Bain Capital, which acquired the airline out of administration for $3.5 billion in late 2020, announced in January it would explore a potential IPO.
Virgin has ramped up preparations for the float, appointing former Macquarie chairman Peter Warne to the board in January. Mr Marr, the airline’s former CFO, vacated that role for the chief development officer position with a specific focus on IPO plans.
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