VistaJet said its fleet flew 200,000 hours in 2023, an increase of 17 percent over the previous year, and its share of the private aviation market reached a total of 5 percent, driven by growth across its business units.
VistaJet said its worldwide presence continued to improve last year with more than 50 percent of its total flight hours logged outside the U.S. During 2023 the private aviation company expanded its operation in Africa, Asia, and the Middle East in response to increased demand.
VistaJet said it also expanded its Global 7500 members program to guarantee the availability to clients of the Bombardier Global 7500 ultra-long range jet on every major continent. Additionally the company increased the proportion of flight hours from its program subscription clients. New subscribers who commit to a three-year term have grown at record rates for the past three years and account for about 60 percent of on-fleet revenue for the group.
During the year, the group operated roughly 87,000 flights, or 18 percent more than the previous year and 80 percent more than pre-pandemic levels. VistaJet expects those numbers to continue upward this year.
“2023 was another year of successful performance in our business,” said Thomas Flohr, VistaJet founder and chairman. “Despite having to react to deep economic shifts and complex geopolitical uncertainty, we produced double-digit growth across all markets—achieved whilst refurbishing and upgrading our fleet ahead of schedule, further improving our service standards and significantly increasing aircraft availability.
“Today, Vista is a truly global and recognizable brand all around the world, thanks to the 20 years in which we have delivered an unmatched service to our clients, and we are well placed to further increase our market share over the next two decades.”
Last spring, Flohr defended the company after critics suggested net losses and debt threatened its continued viability. In a CNBC interview, Flohr said VistaJet has been transparent with investors regarding its financial structure and that the company is profitable based on earnings before interest, taxes, depreciation, and amortization.
The company said it has identified a market of more than 24,000 jets that it considers underutilized. These aircraft could potentially be used to boost efficiency across the industry in the same way that the members fleet of more than 300 aircraft has been “optimized to deliver the best service at the best possible rates.”
Following recent acquisitions, VistaJet has undertaken a broad program to refurbish many of its aircraft, including 93 during 2023. Today, 230 VistaJet aircraft have been updated to the company’s silver=and-red liver, and offer a more standard list of cabin amenities.
