Vista Global reported a record first quarter with “high” double-digit revenue growth and a 55 percent year-over-year jump in its VistaJet program subscription hours sold. Noting that the momentum of 2022 carried into 2023, VistaJet sold about 9,000 gross annual hours under its membership program in the quarter.
The U.S. market led this growth with program annual hours sold in the quarter doubled from a year ago, Vista said. In addition, Vista saw a 50 percent increase in the Middle East market, which was the second-strongest region for new clients. More than 50 percent of its hours sold in the quarter were to existing clients, particularly in Europe and Asia, the international operator said, adding this demonstrates the strength and endurance of its product.
Vista credited its 2022 acquisition strategy—which saw the additions of Air Hamburg in Europe and Jet Edge in the U.S.—with helping to sustain the group’s growth. In addition, Vista has been investing in a fleet refurbishment with more than 200 membership aircraft now outfitted to the silver and red interior standards, the company said.
Vista further shored up its financial footing with a $500 million five-year senior unsecured bond executed on May 1. The bond offer was “two times oversubscribed,” Vista noted, saying it attracted strong interest from institutional investors and pension funds.
“As a group, we have delivered a very strong Q1 performance and continued to build on the great momentum of 2022,” said Vista founder and chairman Thomas Flohr. “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