Vista Global, the parent of flight providers VistaJet and XO, says it has upgraded 46 private jets in its fleet and is seeing ‘exceptional growth.’.
Vista Global Holding, the parent of private jet flight providers VistaJet and XO, said the company saw “exceptional growth in demand across all geographies in the first half of the year, supported by significant growth (VistaJet’s) Program membership, reflecting the positive trends across its dynamic global markets and demand from both existing and new members.”
According to the press release:
The company said, “Strong demand for ultra-long-range travel among corporates has been fueling growth.”
Vista’s fleet includes ultra-long-range Bombardier Global 5000, 6000, and 7500 private jets.
According to the release, VistaJet also saw Program memberships up 40% year-on-year as of June 2023.
During 2022, VistaJet added a record 240 net new Program members, closing the year with 910 Program members.
“We are off to a strong start in 2023 thanks to our rapidly growing subscription Program, which highlights just how popular our unique asset-free offering is among both existing clients and those flying private for the first time. Reflecting the enduring demand for the subscription model across our client base 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,” said Thomas Flohr, Founder and Chairman.
The company is also continuing its fleet upgrade program.
Currently, more than 200 aircraft provide the silver and red Vista branding.
Year to date, Vista has upgraded 46 aircraft globally, 31 of which are U.S.-registered, including Citation X, G450, and GIV-SP, as well as 15 in the international fleet, including Citation XLS+, Legacy 650 and Falcon 7X.
Vista is also continuing to add staff, adding 120 new team members from more than 3,000 applicants.
In May, Vista launched the first U.S.-based VistaJet Training Academy in Columbus, Ohio.
It is also increasing ground support with an expanded team of Quality Ambassadors.
It’s the first performance update from Vista since the Financial Times published an article highlighting the flight provider’s growing debt and net losses.
That report was based on information from Vista’s bond offering, which raised $500 million.
Flohr responded on CNBC by saying the company focuses on EBITDA instead of net profits.
He told the business channel that the net losses were based on how the company accounts for depreciation.