Princess on crest of wave as orders exceed US$1 billion
Published: Friday, 13 April 2018
Princess Yachts has delivered a record-breaking year in 2017, with highest-ever sales in its 53-year history, and advance orders totalling more than US$1 billion.
(Photo: Princess Yachts)
Financial results in 2017 show record turnover of £274.4 million, a 27 per cent increase on 2016, and a £15 million rise in Operating Profit before Exceptional costs, which equals to 7.9 million this year. The L Catterton-owned yacht builder also sees a 20 per cent increase in its advance order book, totalling in excess of £¾ billion.
The British builder has already launched its V50, V65 and S78 in 2018 and will see an additional six launches by year-end, including the carbon fibre R35 sports boat that will feature the Active Foil System. To support the intensified marketing programmes and investment in production, Princess has increased its workforce by more than 500 team members at the Plymouth shipyard.
Antony Sheriff, Executive Chairman of Princess Yachts, said: "With our exciting launch plan this year, 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. "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,” Graham Maxa, Chief Financial Officer of Princess Yachts, said.
“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."