Boston-based charter broker Magellan Jets wrapped up a decade of an average year-over-year growth rate of 30 percent and expects to be approaching $60 million in revenue in 2020, the on-demand charter and membership company announced this week. “2018 was the most challenging year in our 11-plus years in the business, and but we are a better organization because of it,” said Magellan CEO and founder Joshua Hebert. “We needed to use 2018 and early 2019 to position the company for growth and sustainability, and that resulted in 2019 being our best year of the 2010s in terms of revenue, net profit, membership services renewal rates, and client retention.”
According to Magellan, the renewal rate of its membership services programs such as Elevate exceeds 93 percent. In 2019, the number of high-net-worth individuals and companies joining its membership services programs doubled, while the number of charter services clients grew by 33 percent.
The company said it is fully prepared to continue its organic growth rate of 30 percent annually into the next decade. “The 2020s are going to be the golden decade of opportunity for personalized service in private aviation,” Herbert said.