Grand Banks Yachts Order Book Soars To Six-Year High
Published: Wednesday, 22 April 2015
Luxury boat-builder Grand Banks Yachts Limited (the “Group”) announced a six-year high order book of S$31.6 million (approximately US$23.4 million), lifted by demand for the latest models as well as strong contributions from the newly acquired Palm Beach Yacht brand following the 2015 Miami Boat Show held Feb 12-16.
(Grand Banks 55 Aleutian)
The Singapore Exchange-listed company reported an order book record – the highest since March 2009 following the global financial crisis, which severely impacted the industry – ahead of this year's Singapore Yacht Show taking place this week Apr 23-26.
It secured five boat orders – including one Grand Banks boat and four Palm Beach boats – during the quarter ending Mar 31, which it expects to complete by June 2016. The Group said the order book now includes three of the latest boat designs – the Grand Banks 60, GB Eastbay 44 and Palm Beach 42.
The Group completed the acquisition of Australia-based Palm Beach Motor Yacht Co Pty Ltd – founded by eight-time Sydney-Hobart race winner Mark Richards in Aug 2014. Richards has since assumed the position of CEO of the enlarged Group.
(Photo - left to right: Hank Compton [MD of Grand Banks Yachts Sdn Bhd], Peter Poli [CFO of Grand Banks Yachts Limited], Mark Richards [CEO of Grand Banks Yachts Limited] and boat enthusiast Anthony Huray at a Grand Banks media briefing held on Huray's boat - a GB 55 Aleutian RP he has owned for three years)
“In recent years, the Group has received interest from buyers in Singapore and Japan and we hope to build upon this success at the upcoming Singapore Yacht Show,” says Richards.
(Grand Banks 55 Aleutian RP)
The Group will showcase the 55.8-foot (16.97-metre) GB 55 Aleutian RP that features a redesigned interior with more liveable space as well as the GB 41.5-foot (12.6-metre) 41 Heritage EU at SYS. The widely awaited event will be held at the ONE°15 Marina in Sentosa Cove and is expected to attract thousands of enthusiasts.
“Following the acquisition of Palm Beach Motor Yacht, Grand Banks Yachts Limited has emerged as a stronger company with two renowned global brands catering to different segments of the market,” says Tan Sri Lim Kok Thay, Chairman and CEO of Genting Hong Kong Limited – the Group’s single largest shareholder. “I am confident that more boat enthusiasts, including those attending the Singapore Yacht Show, will be drawn to the unique characteristics of both brands.”