Dubai, 8 February 2024: Vista Global Holdings (Vista), a global business aviation group, has updated its market profile and reported its 2023 full-year results, with continued growth and steady growth across all regions. With 20 years of experience in the business aviation industry, Vista has been investing heavily in people, technology and infrastructure, and has continued to expand its global footprint to further improve service quality and achieve record flight hours.
Strong gains in all regions
Thanks to 20 years of strong and solid performance, Vista expanded its overall market share of the business aviation industry to more than 5% in 2023. In the past year alone, the Group has achieved a 17% increase in the number of hours flown by its global members to 200,000 hours, as well as double-digit growth across the region. At present, the overall addressable market size exceeds 24,000 business jets, which means that the Group has a very large development space and opportunities to further gain more market share.
Driven by a record number of new members for the third year in a row, the proportion of flight hours flown by the Vista membership programme has continued to increase, accounting for approximately 60% of the Group's total business jet revenue. The membership programme is contracted for a period of 3 years, allowing the Group to effectively monitor service demand and long-term revenue streams over the long term. In the past year, the Group has operated approximately 87,000 flights, up 18% year-on-year and 80% above pre-pandemic levels, and the upward trend is expected to continue in 2024.
Vista's global footprint continues to expand, with more than 50% of its flight hours coming from outside the United States in 2023. In the same year, the Group decided to expand its presence in Africa, deliberately equipped with dedicated aircraft to meet the needs of the local market. In addition, the Group has increased the number of aircraft in Asia and the Middle East, and expanded the services covered by the Global 7500 membership programme, ensuring that members can enjoy a ground-breaking travel experience on all major continents around the world. Vista is the only business jet operator with a global fleet of 7500 aircraft to provide services on all seven continents.
Thomas Flohr, Founder and Chairman of Vista, said: "In 2023, Vista's business has achieved another great result. Despite significant economic changes and complex geopolitical uncertainties, we managed to achieve double-digit growth in all markets, while completing fleet refurbishments and upgrades earlier than originally planned, further improving service levels and significantly increasing the number of aircraft available. Today, with 20 years of unrivalled service to our members, Vista has grown into a truly global brand with the ability to gain further market share over the next 20 years.
With the trust of Vista's members, the Group's performance has steadily improved. The growing number of loyal members has provided us with a steady and visible income and a strong customer base. Coupled with years of experience in the business aviation industry, we are able to accurately anticipate and understand the needs of global business leaders as they travel around the world.
In addition to thanking our members for their unwavering trust and support, I am equally proud of the professionalism of our 4,400 elite teams from around the world in providing exceptional service to our members. ”
Enhance fleet efficiency Optimize the performance of components
At present, there are more than 24,000 idle aircraft in the business jet market, forming a huge potential market, which is undoubtedly a good opportunity to improve the service efficiency of the entire business aviation industry. By increasing the utilisation of each aircraft, Vista has the flexibility to leverage its fleet of more than 300 aircraft to provide exceptional service at the best price.
Following the completion of its recent acquisition, Vista has strategically leveraged a portion of its free cash flow to advance the industry's largest fleet refurbishment program, which was completed ahead of schedule. In 2023, Vista refurbished a total of 93 aircraft, 50% more than originally planned. Today, the Group has more than 230 iconic silver and red aircraft in service, as well as familiar cabin amenities for members.
In the same year, the Group successfully consolidated its latest acquisitions in the US and Europe, making it easier for members to travel and ensuring that all of its operators offer the same high quality of service as Vista. Currently, the U.S. domestic fleet is operated by Vista America (DBA) and the international fleet is operated by VistaJet.
Charlotte Colhoun, Chief Financial Officer of Vista, said: "The Group's impressive achievements this year in all regions reflect the global diversity of the Group's business structure, which enables us to remain resilient in the face of changes in the external environment. Despite the global aviation market tightening this year, Vista's total flight hours climbed by 17%, far outpacing the industry-wide trend. During the same year, we focused on improving all aspects of our overall business to drive operational efficiency, and on the other hand, we used the cash flow generated from the process to refurbish our global fleet to enhance the service level of our fleet. With the Group's completed capital expenditures and no debt maturing in the near term, we are well-positioned to focus on maximising the benefits of our existing assets and infrastructure in 2024. ”
Invest in global infrastructure to improve service quality
In line with its strategy to further unify its operations, the Group has invested heavily in its global infrastructure, including the establishment of a total of seven dedicated maintenance centres in the United States and various regions in Europe, to strengthen the Group's in-house maintenance capabilities to improve aircraft speed, agility and delivery.
In the same year, VistaJet launched the Rejuvenate programme, the first operator in the industry to offer a service of its kind, allowing members to extend their comfort and well-being from the land to the air. Vista has once again expanded its partner network to offer members a range of premium inflight services, including high-speed Wi-Fi and enhanced private dining experiences around the world, to create unforgettable memories for every trip to the world.
Adhere to talent training to promote the development of the industry
In order to maintain a consistently high level of service excellence on every flight, Vista invests in staff training. In 2023, the Group established an internal management mechanism in the areas of spare parts maintenance, pilot and crew training, and cabin services to facilitate more effective management of the fleet and crew in terms of safety, quality and availability. To foster the future of the industry and nurture the next generation of business aviation talent, Vista has partnered with the Atlantic Flight Training Academy to launch a pilot mentoring programme. As part of the business integration, all crew members of the acquired company have completed Vista's training and will join a global team of more than 4,400 colleagues to assist members on every flight.
About Vista Global Holdings
Vista Global Holdings is the world's first business aviation industry chain headquartered in the Dubai International Financial Centre. Vista brings together a unique portfolio of asset-light solutions that cover key areas of the business aviation industry: global flight coverage for commitment and immediate needs, aircraft leasing and financing, and research and development of technology infrastructure.
With 20 years of experience in the business aviation industry, Vista has been investing heavily in people, technology and infrastructure, and has continued to expand its global footprint to further improve service quality and achieve record flight hours. Vista is committed to leading the industry change and providing customers with comprehensive and value-for-money flight solutions anytime, anywhere. Based on an in-depth understanding of all aspects of the business aviation market, Vista Global Holdings provides high-quality end-to-end services and extraordinary scientific and technological achievements to all business aviation customers through the services of VistaJet and XO.
Vista is not a direct air operator and does not operate aircraft or charter flights as an agent.
For more information, please visit www.vistaglobal.com.
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