The Plymouth-based luxury boatbuilder Princess Yachts has announced record profits of £30 million, as its remarkable turnaround continues, reports www.birminghampost.co.uk.
The company, which found itself in the red in 2015 and only three years ago announced it would cut 350 jobs, showed a £30million operating profit in 2018 on turnover of £340million.
The Stonehouse headquartered company has set new records for yacht sales and employment and is celebrating its most successful year in its 54 year history with f orward orders worth £700million and stretching through 2020
Financial results for the 12 months to December 31, 2018, show record turnover of £340.3million, up £65.9million, that’s 24% on 2017. There was also a record operating profit before exceptionals of £29.8million, up £10.9million, or 173%. EBITDA (earnings before interest, tax, depreciation and amortization) for 2018 was £32.8m up from £14.9millio in 2017.
Princess makes yachts in the 35ft to 130ft range. Over the past three years the company has launched 16 new models, with more on the slipway.