ROYAL REVENUE: PRINCESS YACHTS' PROFIT IN 2017
Princess Yachts set to track back to profit as order book exceeds £0.5 billion.
Multi-million investment programme boosts innovation and efficiency at Plymouth-based luxury yacht builder. Extended and improved product range will bring even greater buoyancy in year ahead.
After a year marked by intense investment, and buoyed by full order books, Princess Yachts Limited today reports a marked turnaround from previous years. 2015 saw an operating loss (before exceptional costs) of £18.1m on turnover of £201.2m, and now in 2016 the loss has more than halved to £7.0m on turnover of £216.7m, indicating a strong positive turnaround.
Having endured a challenging trading environment – in common with other luxury yacht makers – Princess began 2016 by developing an aggressive business strategy and initiating restructuring of its operations at its facilities in Plymouth.
These important steps have both delivered business efficiencies and safeguarded employment for more than 2,350 people.
In parallel, the launch of 4 new highly successful models has set the stage for a three-year £55m investment programme which will significantly broaden and strengthen the Princess model range.
Following record sales at the Cannes, Düsseldorf and Ft. Lauderdale boat shows, orders across the range now exceed an extraordinary £0.5 billion at retail prices.
The current year will see a new model launched, on average, every two months, taking Princess into new markets and opportunities.