Vista Global says it saw strong sales in program hours as it continues the cabin upgrades to aircraft from operators it acquired
After selling a $500 million bond offering, XO and VistaJet’s parent Vista Global Holding says first quarter program sales jumped 55%.
“Record results are underpinned by (jet card) Program sales, with approximately 9,000 gross annual hours sold in the quarter, up 55% year-on-year,” according to a press release.
It says the U.S led growth.
Program annual hours sold in Q1 2023 doubled year-over-year.
Middle East numbers were also up nearly 50% year-on-year, making it the second strongest region for new clients in the quarter.
Over 50% of the hours sold in Q1 2023 were to existing clients worldwide.
According to the company, Europe and Asia had the most support from existing customers.
Over 200 aircraft now have silver and red interior standards.
Vista has been updating aircraft acquired via XOJet, Red Wing, Jet Edge, and Air Hamburg.
Thomas Flohr, Vista’s Founder and Chairman, said, “As a group, we have delivered a very strong Q1 performance and continued to build on the great momentum of 2022. Across all markets, we continue to see unprecedented levels of demand from existing and new members, with many more hours being sold to existing members as well as a large number of new clients asking to join Vista, reflecting the enduring demand of the subscription model across our customer base.”
Last week, the company launched Vista Global Trading under Chief Business Officer Bill Papariella.
It allows private jet owners to sell their airplanes, gain immediate cash, and have jet card hours with VistaJet or XO.
Moody’s reported 2022 revenues jumped to $2.5 billion, up from $1.6 billion in 2021.
XO also said it was expanding its scheduled by-the-seat private jet flights to the New York-Aspen market for the summer.
According to the company, “Vista achieved record revenue with another quarter of double-digit growth and further EBITDA margin expansion.”