Vista Global Holding (Vista), the world’s leading global private aviation group, provides an update on Q1 2023, with high double-digit growth and strong sales momentum in 2022 continuing to prevail through 2023.
The Group has delivered a record first quarter, with high double-digit revenue growth, continued EBITDA margin expansions and continued strong growth momentum for Vista’s subscription solutions and services. Record results are underpinned by Program sales, with approximately 9,000 gross annual hours sold in the quarter, up 55% year-on-year. Growth was led by the U.S. following significant investment made, and Program annual hours sold in the quarter doubled relative to the same quarter last year. Strong growth was also witnessed in the Middle East which was up nearly 50% year-on-year, and was the second strongest region for new clients in the quarter. Globally over 50% of hours sold in Q1 2023 were to existing clients, particularly in Europe and Asia, demonstrating the strength and proven endurance of this product.
The growth is sustained by the added capabilities from its 2022 acquisition strategy, which includes full Vista aircraft and service upgrades to harmonize its premium brand positioning across the world. Year to date, now over 200 aircraft are inclusive of silver and red interior standards and VistaJet products. With fleet expansion and upgrades, Vista achieved record revenue with another quarter of double-digit growth and further EBITDA margin expansion.
On May 1, 2023, the Group successfully executed on its refinancing strategy for the year with a new $500m 5-year Senior Unsecured bond. The two times oversubscribed offer attracted overwhelming interest from leading institutional investors and pension funds. This solidifies the positive views from all of Vista groups’ credit ratings agencies, including S&P, Fitch and Moody’s, which affirmed or upgraded their positions following the Group’s 2022 financial audit released in April.