Vista Global reported record revenue growth and increase in VistaJet subscription hours sold in Q1 of 2023. Maintaining the momentum it recorded in 2022, the Dubai-based parent of programme specialist VistaJet sold just over 9,000 gross annual hours under its membership programme, together with what it described as a “high double digit” increase in revenues. With recent acquisitions of Air Hamburg and US operator Jet Edge, the group fleet now stands at more than 360 owned or managed aircraft. Annual hours sold in the US doubled YoY, whilst the Middle East recorded growth of more than 50%. Vista’s founder and Chairman Thomas Flohr said: “Vista has a proven 19-year track record of growth and a prudent financial policy, which has enabled the group to build our global infrastructure to support all of our valued members around the world.”
Flohr’s remarks came in the wake of a report in the UK Financial Times that Vista’s auditor had issued a ‘going concern’ warning. It included a report that Vista Global’s debt had doubled to USD4.4 billion and that this was coupled with cumulative losses over four years that had reached USD436 million.
Flohr was very active following the report in denying that there was any sense of Vista being in financial difficulty. He accounted for the losses largely by pointing to the firm’s highly conservative 13-year depreciation schedule on aircraft owned by the group.