PRINCESS ON THE CREST OF A WAVE AS ORDERS EXCEED $1 BILLION (£¾ billion) FOR FIRST TIME IN 53-YEAR HISTORY
Princess Yachts Ltd has delivered a record-breaking year in 2017, with its highest ever sales in its 53-year history, a robust return to profitability, and advance orders totalling more than US$1billion (£¾ billion).
Financial results for the 12 months to 31 December 2017 show record turnover of £274.4 million (+26.6% on 2016) and an Operating Profit before Exceptionals of £7.9m (2.9% of sales), representing a turnaround of £15 million (6.1% points) on its 2016 results and continuing the trend of strong year-on-year growth for the L Catterton-owned UK luxury yacht builder.
Princess’ recent performance at the industry’s three biggest global sales events – the Cannes, Fort Lauderdale and Düsseldorf boat shows, saw the company power ahead across its entire fleet. Princess’ advance order book currently totals in excess of $1 billion (£¾ billion), 20% higher than the previous year.
Princess is poised for an even more successful year in 2018. The year began with the launch of the V50, V65 and S78 models and will see an additional 6 launches by year-end, including the revolutionary carbon fibre R35 sports boat which will feature the innovative Active Foil System for world class performance, efficiency and stability. This unprecedented launch programme is underpinned by a stronger-than-ever presence at the world’s leading boat shows, intensified marketing programmes, and a significant investment in production and quality at its Plymouth headquarters. To support this growth, Princess has increased its workforce by over 500 team members in the last year.
Antony Sheriff, Executive Chairman of Princess Yachts, said: “This has been a landmark year in the history of Princess. We have a clear vision to be the highest quality, most innovative and best luxury yacht producer in the world and it is gratifying to our highly skilled and dedicated 2,700-strong team that the market has responded in tune with our efforts. With our exciting launch plan this year of unique and exceptional yachts, coupled with our unprecedented $1 billion order book which stretches well into 2019, 2018 is set to be another record year in sales and profits for Princess Yachts.”
At the start of January, Princess transferred its banking relationship to a multi-year facility with HSBC. Graham Maxa, Chief Financial Officer of Princess Yachts, said: “The decision to move to HSBC complements the company’s existing business partners and provides strong support to the growth of Princess’ aggressive development plans. This strength, together with HSBC’s global reach, will support growth internationally and keep the company on a solid positive financial trajectory for the rest of 2018 and beyond.”
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Plymouth-based Princess Yachts epitomises the best of British manufacture, from its quality craftsmanship, design and engineering pedigree, to the refined elegant and luxury interior styling of its craft. The result blends cutting-edge technology with traditional craftsmanship to set new standards in performance, evident across the Princess range of sophisticated Flybridge motor yachts, dynamic V Class sports yachts, ground-breaking S Class sportbridge yachts and flagship M Class superyachts. The Princess reputation for design, engineering and manufacturing excellence has earned the company global appeal and established it as a truly international brand.
Princess Yachts was acquired in 2008 by L Capital 2 FCPR, an investment group co-sponsored by LVMH (Moët Hennessy Louis Vuitton) and Groupe Arnault. In January 2016, L Capital merged with Catterton to become L Catterton, now recognised as the largest global consumer-faced investment firm.