Virgin Atlantic Airways has selected the SolArc RightAngle solution to manage their jet fuel supply. Jonathan Pardoe, Head of Fuel Management for Virgin Atlantic, said, “Virgin Atlantic Airways is always looking for innovative ways to raise the level of success when running an airline year after year in an efficient and profitable manner. SolArc RightAngle will give the airline that opportunity with a proven solution that will manage our physical and financial hedging requirements in one system. No other international airline is doing that. Additionally, we will also be able to look at the history of the data from the fuel consumed on each flight and be able to perform extensive budget forecasting and scenario analysis against planned usage.”
Since it was founded 21 years ago, Virgin Atlantic Airways has become Britain’s second largest carrier, serving the world’s major cities. Now based at London Gatwick, London Heathrow and Manchester airports, Virgin operates long haul services to twenty-six destinations worldwide as far reaching as Las Vegas, Dubai and Sydney and carries over 5 million passengers per year.
“We did a complete evaluation of fuel supply management solutions and chose SolArc RightAngle because of its strength in capturing the physical side of the aviation business and then using that information as the foundation to properly hedge the market price risk exposure on our fuel contracts,” said Pardoe.
SolArc RightAngle will provide Virgin Atlantic with an automated budget and forecast creation capability. They will be able to integrate with the flight schedule to generate volume requirements to automatically create an accurate budget and various cost scenarios using a range of projected price curves. When actuals for the month are in - Virgin Atlantic will be able to compare actuals vs. budget, forecast, or prior year to understand the differences, as well as other analysis.
“We are very excited to work with such a distinguished airline like Virgin Atlantic. They are leaders in the airline industry and they realize that by choosing an integrated fuel supply management solution in today’s competitive environment they are ensuring their long-term survival and success,” said Brad Anderson, SolArc’s CEO.
Virgin Atlantic Airways has also been nominated at this year’s World Travel Awards in the category of Europe’s Leading Business Class Airline.