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Virgin Australia to slash 750 jobs

Virgin Australia will axe 750 jobs. Source: Virgin Australia

Virgin Australia CEO Paul Scurrah will speak about economic headwinds at Yahoo Finance’s All Markets Summit on the 26th September. Buy tickets here.

Virgin Australia Holdings has announced it will axe 750 jobs after suffering a $315 million loss this financial year.

They also reported an underlying pre-tax loss of $71.2 million this financial year, compared with a $64.4 million profit last year.

The company attributed the losses to higher fuel prices and a weaker Australian dollar.

Virgin Australia’s group CEO and managing director, Paul Scurrah, said: “I’ve been reviewing the structure of the organisation since I joined the group in March with a view to simplify the current structure which has grown overly complex over time.”

“Transitioning to the new Group structure will streamline common functions and create greater opportunities, but will also identify efficiencies and duplication, which will form part of the organisational rightsizing program.”

Virgin expects the job cuts to save the company around $75 million per annum, and said “the majority of the affected team members will have left the business by the end of the 2020 financial year”.

Yahoo Finance has contacted Virgin Australia for comment.

More to come.

Yahoo Finance's All Markets Summit event is on September 26th this year. Source: Supplied

Yahoo Finance’s All Markets Summit will take place on the 26th September 2019 in the Shangri-La, Sydney. Check out the full line-up of speakers and agenda for this groundbreaking event here.