VistaJet Records 39% EBITDA Growth With Strong First Quarter 2017 Results
1.6.2017 18:51 | NASDAQ OMX
VistaJet continues to gain market share across all markets
For the 13 weeks to 31 March 2017:
Flight revenues increased by 22% globally year-over-year.
EBITDA grew 39% year-over-year due to increased yields and efficiency.
New Program hours sold up 79% Q1 2017 against Q1 2016.
Program Membership accounts for majority of total hours flown in Q1 2017 at 55%.
LONDON, June 01, 2017 (GLOBE NEWSWIRE) -- VistaJet, the first and only global aviation company, has today announced yet another record quarter, again demonstrating its ability to consistently capture greater market share with its strong value proposition of asset free risk and truly global access.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9e3d1364-eb1f-4e73-aa64-4dbcecb3cf76
The company recorded EBITDA growth of 39% year-on-year following a record Q1 sales success, and increased yields and efficiency due to its global infrastructure and a continued focus on technology.
The company's decision to grow its fleet to a total of over 70 identically branded and globally positioned aircraft continues to support its growth, and the average utilization trend was positive month-on-month from January 2017 to March 2017.
In the traditionally weakest quarter of the year for the aviation industry, VistaJet recorded a 22% growth in flight revenues year-on-year. The majority of growth came from VistaJet's Program segment, with existing customers utilizing and upsizing their contracts and new clients choosing to subscribe to multi-year agreements. Sales of new annual Program hours increased by 79% year-on-year, demonstrating the company's position as the only alternative to full or fractional aircraft ownership in the private aviation market. Program customers flew more hours in the first quarter than in any other period in VistaJet's history, accounting for 55% of total hours globally, up from 53% against the same quarter last year.
VistaJet's On Demand segment also grew year-on-year, with revenues increasing by 14% in spite of Easter falling outside of Q1 this year. Total On Demand flight hours remained steady year-on-year whilst live hours increased by a staggering 4% as the improvement in the ferry factor drove a decline in empty flight hours. Empty legs have long been a challenge for private aviation businesses, as companies with less scale and operational efficiency have to relocate their aircraft to pick up passengers. The company recently announced a 'Ferry Free World' for its Program clients.
VistaJet continues to record growth across the globe. The company increased its market share not only in the U.S. and Asia, both key target growth markets, but also in the more mature markets of Europe, Russia and CIS. VistaJet saw an increase of 15% year-on-year in flight hours in Europe, highlighting that the company continues to see significant growth potential in its established markets.
The U.S. business remains a driving factor in VistaJet's flight hour growth and prospect pipeline. Flight hours in North America increased by 54% year-on-year. The company also increased its regional customer base and the number of aircraft positioned in the area, which helped it to deliver flight hours growth of 43% also in Central and South America.
VistaJet performed strongly in Asia, and Program customers within the region accounted for 25% of total hours sold during Q1 2017. As a result of their global flying and access needs, both corporate and private individual Program customers in Asia are mainly flying outside of the region to Europe, the Middle East and North America, helping to drive an increase in global flight hours.
VistaJet will continue to grow hours and revenues on its established and leading aircraft and technology infrastructure, improving utilization, margins and the company's financial strength. VistaJet, as the leading global private aviation company, is continuing to benefit from the trends away from asset ownership and secure new customers who previously had to choose between whole aircraft, fractional ownership, and an inconsistent and inferior charter offering.
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: +44 203 617 3077
M: +44 7834 335505
+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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