VistaJet Operates Record Number of Flights as Members Increase by 32% in First Half of 2018
Key highlights for half year ending 30 June 2018:
- New Program members up 32%
- Flight revenue up 27%
- Flight hours increase 27%
- North America accounts for 25% of global flights
- Service excellence drives Member renewals up 33%
LONDON, July 11, 2018 (GLOBE NEWSWIRE) -- VistaJet, the first and only global business aviation company, continued to gain substantial market share around the world during the first half of 2018. Driven by the sustained demand for the Company's flagship Program subscription model, new Members rose by 32% year-on-year, with Europe doubling the number of new contracts against the same period last year. Renewal hours recorded a growth of 33%, propelled by the Company's focus on service excellence.
Adding to its renowned global coverage and unique flight-hour subscription model, in 2018 VistaJet has further invested on service innovation for its passengers. The new Program offering, designed around VistaJet customers' passions, encompassed key partnerships with world leading art and sport partners such as Christie's and British Polo Day, as well as the launch of the most extensive traveler's program for children in private aviation.
Unparalleled service, a global fleet of 72 identically branded aircraft and a diverse and broad customer base has allowed VistaJet to capture increasing demand from each region of the world. In the first half of 2018 the Company saw growth in flight revenue, flight hours and number of flights by 27%. North America spearheaded this expansion, accounting for 25% of total global hours flown.
Global passenger numbers also increased and in the 1H 2018 VistaJet flew over 30,000 clients around the world, a 23% growth against the same period last year. Average flight times rose, as demand for longer, intercontinental routes intensified - a trend expected to increase further over the second half of the year.
Today's results yet again demonstrate the global shift in flying preferences for individuals and corporations, who are moving away from aircraft ownership as they look to reduce flight costs and asset risks, without compromising on the convenience, benefits and comfort of business aviation. With an equity valuation in excess of $2.5 billion, establishing the Company as Malta's first unicorn and fifth in Europe, VistaJet is well positioned to take even more market share by offering global coverage, consistent unparalleled quality and maximum efficiency.
Thomas Flohr, VistaJet's Founder and Chairman, said:
"2017 was our strongest ever year and we started 2018 with an impressive acceleration. We continue to see sustainable growth across our business and retain the ability to adapt our offer to meet demand in every region around the globe. Our unique fleet and technology platform ideally places us to lead the market and seize new opportunities. We are committed to becoming the number one player in every market in which we operate, and we are on course to progress quickly towards our goal over the remainder of the year."
* 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 half 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.
More VistaJet information and news at vistajet.com.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3db3418c-1290-46ee-a2a8-42cdbcde9a83
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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