Virgin Atlantic, the flying enigma – a great brand in need of greater financial discipline

Virgin Atlantic is something of an enigma. Growing from nothing to become the UK's second largest airline by ASKs in the lifetime of a typical passenger jet and earning a reputation for innovation, attractive branding and a quality service, it is also loss-making, insufficiently cost-focused, under-capitalised and (until recently) strategically isolated.

Last month saw new CEO Craig Kreeger take control from his long-serving predecessor Steve Ridgeway; this month sees the start of new domestic services wet leased from Aer Lingus; later this year should see the implementation of the new joint venture with Delta and the entry of the latter into Virgin Atlantic's share register.

Mr Kreeger's challenge will be to unpick the enigma, bringing greater financial discipline to the airline, while maintaining its attractive qualities.