Turnover up but profit down for Princess ahead of development of superyacht facility

Princess has released a positive set of financial results for 2012 ahead of what is a crucial stage in the growth of the company as it looks to further cement its place in the superyacht arena.

The Plymouth-based manufacturer recorded a turnover of £249.9 million in the year ending December 31, 2012, an increase of 10% over 2011’s £228.6 million.

Profit before tax went the other way, however, declining 10% to £18.4 million from 2011’s £20.5 million. Net assets at the end of the year stood at £104.6 million, up from £92.9 million.

Last year saw the launch of Princess’s biggest boat to date, the 40M, and the company claims to have received further orders for the 132ft superyacht.

This boat and other M-class superyachts will be built at the recently acquired South Yard site, where ground will soon be broken to create a new £35 million superyacht construction facility.

“There is a steadily growing view that the economic cycle is beginning to show signs of sustained improvement,” Princess said in the statement announcing the results.

“While we remain cautious, our programme of investment in new product and facilities looks to the long term and will continue unabated and with a clear focus on further growth in market share and remaining at the forefront of proudly contributing to Britain’s exports in virtually every market that luxury yachts are to be found.”

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