It said the money would be spent over the next year on developing elements of on-board service, airport lounges and product developments within aircraft cabins.
The airline declined to disclose its full results but claimed to have recorded what it described as a "pre-tax operating profit" of £18.5m in the year to March 2011.
It said this compared to a £132m pre-tax loss for the same period last year, despite the winter closure of Heathrow and added ash cloud disruptions costing the business £40m.
Steve Ridgway, chief executive of Virgin Atlantic, said: "We have demonstrated the resilience of our business by weathering the toughest economic period for aviation and have now returned the business to profit.
"A sharp recovery in the first half of the year has been tempered by more challenged trading in the latter period due to increased capacity in the market and high fuel prices.
"This year we are investing heavily in new product innovation so that we retain and enhance our leadership in customer service and experience."
This article was first published on marketingmagazine.co.uk
Video marketing for businesses can be a tough game to play. The video landscape is full of funny pranks and comedy acts, so finding an area to put your real content where it will be viewed is difficult. Many businesses are attracted to YouTube, as they boast six billion hours of video viewed. So, they figure, hey why can’t I get some of those hours. The problem is: YouTube’s viewed content is dominated by shows and comedy.