Story ID: 
Revenue Grows at XOJet
By: Alexa Rexroth
Caption: XOJET reported a record breaking first quarter as the company continues with plans for expansion.
Word Count: 311
XOJet reported a 22 percent revenue increase and 12 percent jump in hours in the first half, with off-fleet charter accounting for 34 percent of overall revenues, it announced yesterday. The company intends to reach a target of charter brokerage accounting for 50 percent of revenues by 2020. This comes after a record-breaking first quarter for the company, with 12 percent total revenue growth and a 15 percent rise in overall business year-over-year, while off-fleet charter brokerage increased by 39.5 percent.

“Our growth momentum and strong showing in the first half of 2018 are indicative of a growing appetite for on-demand private aviation and our ability to cater to a spectrum of client needs. Fractional flight activity continues to decline, more clients are recognizing the economic benefits of on-demand, and we are seeing an increasing trend of corporations outsourcing their private aviation needs,” said Brad Stewart, chairman and CEO of XOJet. On-fleet revenue indicated a 6 percent year-over-year increase and the company has initiated a fleet expansion program.

XOJet offers a three-tiered access solutions membership program that reached an estimated 1,000 members during its first year of offering. The company’s Elite Access level of membership gives members access to guaranteed fixed hourly rates along with light, midsize, and super-midsize cabin aircraft. Seven luxury brands have been added to XOJet’s partner list, and “these service-oriented, like-minded global brand leaders provide our clients with preferential access and exclusive value-added benefits,” said James Henderson, president of commercial operations for XOJet. “We continue to curate an unparalleled partnership portfolio that enhances our members’ travel experience beyond the jet.”

Meanwhile, XOJet is increasing its investment in recruitment and retention strategies with increased pilot compensation, new training programs, flexible scheduling options, and additional pilot leadership opportunities. The company also is focusing on international expansion through the growth of its operating partner network in Europe to provide intra-European flights.