The jet card program for long-haul, luxury private jet operator VistaJet helped power a 24% increase in EBITDA
VistaJet said in a third-quarter trading update the company’s flagship Program Membership has seen a 38% increase in revenue. The Program segment achieved a record 32% increase of new flights hours flown compared to Q3 2016. According to a press release, 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 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. The company said, “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.”
In August, VistaJet secured a $150 million investment from Rhône Capital, now valuing its equity in excess of $2.5 billion, according to the operator of luxury range luxury private jets.
Thomas Flohr, the CEO said, “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. 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 unrivaled 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.”