NEW YORK, Jan. 29 (Korea Bizwire) — VistaJet, the first and only global business aviation company, today announced another record year in 2018, with new Members and number of flights up prominently year on year. As it enters its 15th year, Malta based VistaJet made significant progress on its core strategic priorities, increasing market share worldwide.
In line with the asset lite macro trend taking off globally, VistaJet saw new contracts of its flagship Program membership grow by 31% in 2018 and the number of flights increased by 25%. As demand for longer flights and comfort continues to increase across the industry, VistaJet’s utilization grew by 20% across its fleet of over 70 aircraft – now equating to enough hours to fly each aircraft around the world 20 times on average.
Regionally, Europe proved a significant market for corporates and individuals flying privately, accounting for 48% of total VistaJet flights in 2018. New Program Members grew significantly by 105% in the region, with the majority of growth coming from clients based in the UK which doubled its new contracts.
North America remained a key growth driver for VistaJet and accounted for the largest increase in flights in 2018, with a rise of 46%. To cater for the growing demand from customers in the region, 21% of VistaJet’s global fleet at any given time is in the market, with the Global 5000 fleet flying more than the Challenger aircraft during the year.
VistaJet continued to lead the market in terms of innovation and service. Adding to its global coverage and unique flight-hour subscription model, the company introduced new experiences for its Program Members, designed around their passions. Encompassing key partnerships with world leading art and sport partners such as Christie’s and British Polo Day, as well as the launches of the most extensive traveler’s programs for children and oenophiles in private aviation.
Other 2018 highlights include:
- While the Middle East has seen some weakness in the industry, VistaJet’s customer base appears to be as strong as ever, with number of flights up by 38% and passengers by 24%. The UAE accounted for the majority of flights in the region at 29%, and the number of flight hours at 34%.
- As Dubai continues to prove a significant global hub, VistaJet will open a larger sales office in the region in January 2019.
- Strong numbers in Asia, with flights increasing by 26%. Reflective of economic forecasts for GDP, Singapore led the results with a 71% growth in the number of flights to and from the country.
Thomas Flohr, VistaJet’s Founder and Chairman, said:
“2018 was a further milestone year for VistaJet. Despite increasing economic and geopolitical headwinds, we anticipate resilience across our customer base for 2019. As the world’s largest wealth region with over 34% of the globe’s UHNWI, we foresee the greatest growth opportunity to continue in the US. Now as part of Vista Global, VistaJet will be supported by XOJET to further service this strong market. I firmly believe that VistaJet and Vista Global will continue to revolutionize the aviation industry by providing a better alternative to aircraft ownership in this globalized and shared economy, and will unlock long term growth for our business and customers.”
With an equity valuation of $2.65 billion achieved and publicized in 2017 and position as top a five Unicorn in Europe, VistaJet’s robust financial performance clearly demonstrates the company’s strong and resilient business model against a backdrop of complex economic and geopolitical challenges. VistaJet remains confident that it will continue to influence with industry leading services and challenge the business aviation sector’s offerings.
Note to Editors:
Statements in this release are based solely upon information available as of the date of this release, are not a comprehensive statement of the Company´s financial results or positions as of or for the 2018 full year, and have not been audited, reviewed, or compiled by independent registered accounting firm. Therefore, the financial information in this release is preliminary, unaudited and subject to revision upon completion of the Company’s closing and audit processes. The Company assumes no obligation to update any information contained herein, save for any information required to be disclosed by law.
Jennifer Farquhar | VistaJet | T: +44 203 617 3077 | email@example.com
VistaJet is the first and only global aviation company. On its fleet of over 70 silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries, covering 96% of the world. Founded in 2004 by Thomas Flohr, the company pioneered an innovative business model where customers have access to an entire fleet whilst paying only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet’s signature Program membership offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anytime, anywhere. Customers can also request Direct one-off flights through the industry’s first end-to-end booking app or a 24/7 global team.
VistaJet is part of Vista Global Holding – the world leader in business flight solutions, integrating a unique portfolio of companies offering asset lite solutions to cover all key aspects of business aviation.
More VistaJet information and news at vistajet.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6f7e0ab4-bf15-4059-ae14-6fbb8faf986d
Source: VistaJet via GLOBE NEWSWIRE