NetJets Europe Move Signals Market Confidence

 - April 17, 2007, 12:00 PM

NetJets Europe expects to move into its new Lisbon, Portugal headquarters in December. The fractional provider already runs all its operational and administrative functions from the Portuguese capital and it is now investing $28 million in a much larger building that will house slightly more than 400 staff. It also has a sales and marketing office in London. The past three years have seen rapid growth at NetJets Europe. It is set to take delivery of 33 new aircraft this year, increasing its fleet to 91. Some 140 pilots are due to be hired this year and the company is also recruiting more flight dispatchers and other support personnel. Last year, NetJets Europe sold shares in 18 complete aircraft, representing an 80-percent increase in sales over 2003. According to the company, it has started making significant inroads into countries such as France, where it has previously struggled to sell shares. This is illustrated by the fact that the number of movements by NetJets aircraft into Paris Le Bourget Airport has increased by 70 percent over the past two years, and the provider’s aircraft now account for 15 percent of all traffic there.