Sunseeker International Returns To Profit
Published: Thursday, 08 September 2016
Sunseeker International has revealed that it moved back in to profit in the second quarter of 2016 and has forecasted an overall return to profit for the full year. The business also announced a massive £50 million of investment to be spent across new products, improved shipyard facilities and the continued recruitment of people over the next five years.
(Photos: Sunseeker International - 95 Yacht)
This follows much improved results through sustained growth in 2015, which also saw considerable levels of investment during the year. These results can also be attributed to a period of significant change and restructuring within the business and the robust plan put together by Sunseeker’s new executive team which saw investment in new products, shipyards, growing its first class global dealer network, and hiring skilled staff and apprentices. This was coupled with building better efficiencies throughout the business and driving a strong and continually improving order book which is 24% up (by turnover) year-on-year in 2016.
The investment in new model development is already reaping rewards with five new model launches in 2016 including the 131 Yacht, 95 Yacht, Manhattan 52, 116 Yacht and Predator 68 MK II, securing over £220 million of orders at retail value to date. These multiple model launches are set to continue as part of a long-term product plan that will see new model introductions across the size range over the next five years.
The executive team’s plan to invest in long term profitable growth and to help drive excellence, innovation and efficiency across the business has set the company on a fresh course to strengthen its position as the number one global brand for luxury performance motor yachts. The plan is backed by majority shareholder Wanda Group, which has underwritten the investment to support the plan.
As well as the significant investment, Sunseeker also made huge financial progress in 2015, reducing losses by 67% to £13.6 million and paving the way for the company to return to profit in 2016.
“I am delighted with our performance,” says Sunseeker Interntaional CEO Phil Popham. “2016 has been a defining year for Sunseeker and we are confident of achieving strong, profitable and sustained long-term growth as we continue to invest in the business for the future. This was just the start of our journey, we will continue to invest heavily over the next five years in new product development, shipyards and our people. All this, underpinned by a strong forward order book, means we are very excited for the future of this business.”