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GlobeAir enjoys strong growth as European private jet market downsizes

GlobeAir, the leading air taxi operator in Europe with the world's largest fleet of Citation Mustang jets, has revealed that for the first quarter of this year, it operated 1,066 revenue flights out of Europe, which was 6.4% higher than the same period in 2015.

When looking at the whole of 2015, the company operated 5,849 revenue departures from European airports, 11.7% higher than in 2014.

The company says its growth is largely down to more people who use private jets in Europe downsizing the size of aircraft they charter because of the current challenging economic environment. Growth is also being fuelled by an increasing number of private jet owners selling their aircraft and opting to charter instead.

GlobeAir anlaysis of industry data reveals that year-to-date, departures of very light jets across Europe are up 5%, and year-on-year they are 7.3% higher. The corresponding figures for mid-sized jets for example, are -13.4% and -15.1%.

In Europe, there are around 526 business aircraft for sale, equating to 12.7% of the fleet, which is high making it a buyer’s market.

“There is a clear trend for downsizing in the European business aviation market, and this has led to an increase in demand for small-cabin aircraft, says Bernhard Fragner, CEO of GlobeAir.

GlobeAir CEO, Bernhard Fragner

“This has supported our strong growth. Last year, our fleet saw an 11.7% increase in revenue flights across Europe when compared to 2014. Our revenue for 2015 was €18.6 million, and this year we expect it to be nearer €23 million. We believe that demand for smaller private jets will continue, and we are planning to add to our fleet of 14 Citation Mustangs this year and in 2017.”

GlobeAir operates the world's largest fleet of Citation Mustang jets ('VLJs').

BlueSky Business Aviation News | 23rd June 2016 | Issue #373