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The firm has posted annual pre-tax profits for the year to February 28th of £68.4 million, almost double the £38.4 million recorded in the previous financial year.
An increase in passengers travelling by business and first class has been cited as a reason for the strong performance, while the firm's decision to make advance purchases of oil helped it to keep costs down during a year when the price of the fuel fluctuated heavily.
"We are winning market share from our competitors during the toughest trading environment ever," chief executive Steve Ridgway stated.
However, he added that the airline will have to "aggressively" cut costs during what he expects will be a "tough" trading year.
Virgin Atlantic's performance contrasts with that of British Airways, which last week revealed a pre-tax loss of £401 million for the year to March 21st.
