Revenue Grows at XOJet
XOJet reported a 22 percent revenue increase and 12 percent jump in flight hours in the first half of the year, with off-fleet charter accounting for 34 percent of overall revenues, the company has announced. XOJet intends for charter brokerage to account for 50 percent of revenues by 2020. The latest results come after a recordbreaking first quarter for the company, with 12 percent total revenue growth, a 15 percent rise in overall business year-over-year, and a 39.5 percent increase in off-fleet charter brokerage.
“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 increased 6 percent year-over-year. and the company has initiated a fleet-expansion program.
XOJet's three-tiered access solutions membership program reached an estimated 1,000 members during its first year of offering. The company’s Elite Access program gives members guaranteed fixed hourly rates on light, midsize, and super-midsize cabin aircraft.
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.