VistaJet has strongest growth year in 2017
VistaJet had its strongest ever year in 2017.
“We flew over 50,000 passengers in one year for the first time; the Investment from Rhône Capital valued VistaJet’s equity at over $2.5bn, making the company one of the only companies in the business aviation market to be valued in excess of $1bn and one of Europe’s most valuable “Unicorns”; and we increased market share in all our markets,” said Ron Silverman, president of VistaJet USA.
”In the US in particular, a few significant benchmarks include double digit growth in flight hours and 45% of US Program customers who joined in 2017 booked additional hours. 2017 confirmed the growth trend for the industry, and VistaJet significantly outpaced it once again in all markets, signifying VistaJet is the market’s favorite business model and is leading the growth. We expect to continue the momentum into 2018,” added Silverman.
VistaJet said the number of Middle Eastern new programme customers grew by 50% in 2017. The UAE accounted for the majority of flights in the region (at 28%), and the number of flight hours (37%). In the fourth quarter of last year, the number of flights to the UAE grew by 44%, and to Oman by 300%.
VistaJet saw its flight hours increase by 38% year-on-year, and the number of flights by 49% in the US. One of the main drivers of this growth was the sustained demand on the West Coast of the US, particularly from the Tech sector.
The company released strong growth figures in Asia, with flight hours increasing by 16%. The fastest growing countries in the region were China and India. With its growing economy and increasing number of global entrepreneurs, India is set to be one of the most exciting markets for the private aviation sector in the world over the next 5 years. In addition, the economy in China is proving more resilient than many expected, meaning that the private aviation sector is likely to flourish in the country throughout 2018.
VistaJet cemented its position as one of the leading operators in Europe in 2017. Europe accounted for 41% of the total hours flown by the company in the period, with the UK making up 26%, France 19% and Italy 11% of regional flights.
VistaJet continued to lead the market in 2017 in terms of innovation and technology. Over the last twelve months, the company launched VistaJet Direct, its new digital membership which offers priority access to VistaJet’s one-way and empty leg flights at preferential rates. The new offer is expected to be a key driver of the business’ growth over the coming years.
Thomas Flohr, founder and chairman of VistaJet added: “Last year was undoubtedly a transformational year for VistaJet, and a turning point in its history. With the investment from Rhône Capital, we are now firmly established as one of Europe’s leading and most exciting unicorns, and one of the only companies in the business aviation market to be valued in excess of $1bn.”
“We had our strongest ever year in 2017. Along with seizing market share from our rivals in all of our core markets, including the largest market in the world – the US, we reinforced our position as the brand of choice for the world’s leading business leaders and entrepreneurs. In the last twelve months, we have flown more Chief Executives and Chairmen to more destinations than we ever have before.”
“We head into 2018 in a fantastic position. While some of our smaller competitors are finding trading challenging, with our unicorn status and robust operational foundations we are ideally placed to lead the market and seize any new opportunities that arise. We are committed to becoming the No.1 player in every market in which we operate, and we are on course to make great strides towards that goal over the next twelve months.”
Looking ahead to 2018, VistaJet is focused on building its share in the largest markets in the world, namely North America and Asia, while also taking advantage of its sector leading position in the rapidly growing markets in the Middle East. VistaJet’s subscription business model will continue to be a central pillar in its business, and with more customers than ever before expected to choose to increase their hours in 2018, the global trend away from full and fractional ownership is set to continue.