Record flight hours, revenue and EBITDA registered
For the three months to 30 Jun 2017:
- Flight revenues increased by 30% globally year-over-year.
- Program live flight hours up 37% year-over-year.
- Contracted a record 6,000 Program hours YTD.
- EBITDA grew 26% year-over-year due to increased yields and improved ferry factor.
VistaJet, the first and only global aviation company, continued to deliver successfully on its growth strategy in Q2 2017, growing flight revenues 30% year-over-year, driven by an 18% increase in live hours flown.
The company’s flagship Program Membership continued to drive this growth, registering a 53% increase in flight revenues and a 37% increase in live hours flown year-over-year as large corporations and high-net-worth-individuals recognise the benefits of VistaJet’s asset free solution. Demand for this competitively-priced premium product continued to solidify with a record total of 6,000 new annual hours sold in H1 2017.
In line with its strategy, VistaJet’s On Demand offering grew in both live hours and revenues that supported the company’s overall utilisation. Significant growth in the On Demand segment was seen in domestic U.S. flying. VistaJet’s growing penetration in the largest business market in the world has been fuelled by positive feedback from its customers, with many recommending VistaJet to their peers for its level of service and ground breaking business offer. This is supported by a further two aircraft being moved to the U.S. following the busy summer months in Europe.
The continued top-line growth, coupled with scale economies from a fully-fledged infrastructure comprising of over 70 aircraft across the globe and controlled SG&A spend, translated into a 26% increase in EBITDA over the same quarter last year. This positive earnings result marks yet another record in VistaJet’s performance to date, exceeding even the seasonally much higher third quarter last year.
This marks an exciting time for the business having reached its optimum fleet size to offer a truly global service to its customers. VistaJet has gained the benefits of the strategic investments made over the past few years and still has the capacity to nearly double its sales.