VistaJet Achieves Highest Third Quarter Revenue in Its History
Record results as company continues to gain market share across all markets
Program Membership flights up 38% year-over-year
Record number of Program Membership hours flown, up 32% year-over-year
25% of Program Membership growth from North American market
EBITDA grew 24% year-over-year
LONDON, Nov. 29, 2017 (GLOBE NEWSWIRE) -- VistaJet, the first and only global business aviation company, is delighted to announce record results in its third quarter trading update, driven by the continued demand for the company's flagship Program Membership with a 38% increase in revenue. The Program segment achieved a record 32% increase of new flights hours flown compared to Q3 2016.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4fdcbdf1-108d-4c15-bc20-88d80cfbf9e1
A core driver to VistaJet's Program Membership growth came from its North American market, seeing a 25% growth in its US-based customers in the third quarter alone. VistaJet also saw its largest increase in flight hours from North America, up 22%, representing yet another quarter of double-digit year-over-year growth.
Over the same period, VistaJet achieved a 24% rise in EBITDA thanks to its unique global infrastructure and the investment into its proprietary technology.
Today's update yet again demonstrates the global trend of individuals and corporations moving away from aircraft ownership as they look to reduce costs and asset risks, but not the comfort, convenience and benefits of business aviation. Supporting this trend was the recent $150 million investment from Rhône Capital announced in August, now valuing VistaJet equity in excess of $2.5 billion. The company is well positioned to attract even more fractional and full aircraft owners in the US market, by offering global coverage, consistent unparalleled quality and maximum efficiency.
"Today's record results are yet another milestone in VistaJet's history and prove the global demand for our unique model and ability to shake up the business aviation industry. It is clear that in today's On Demand economy, individuals want the flexibility and cost-effectiveness of the VistaJet Program," said Thomas Flohr, VistaJet's Founder and Chairman. "I am also extremely pleased with the continued growth we are making in the US, the largest business market in the world. The progress has been made on the back of positive feedback from customers who are continually recommending VistaJet to their peers for its unrivalled and consistent level of service, anytime and anywhere they fly. We are excited to continue building VistaJet's leading position in the industry thanks to our customers' trust and support."
VistaJet is the first and only global aviation company. On its fleet of silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries worldwide. Founded in 2004 by Thomas Flohr, the company pioneered an innovative business model where customers pay only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet's signature Program service offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anywhere and at any time.
More VistaJet information and news at vistajet.com.
T: +44 (0) 203 617 3077
M: +44 (0) 7834 335505
T: +44 207 251 3851
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: VistaJet Ltd via Globenewswire
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