Princess experiences the highest sales in its 53-year history and announces new models for 2019
Princess Yachts delivered record-breaking results in 2017 and has advance orders totalling more than $1 billion (approx. £750 million).
Financial results for the 12 months to 31 December 2017 show record turnover of £274.4 million which is over 25% up on the previous year. Operating profit is up to £7.9m, a turnaround of £15 million on its 2016 results.
Princess’s executive chairman Anthony Sheriff, who was previously at McLaren, also took the opportunity to announce some key new models for 2019 including the 85 Motor Yacht, which will be launched at the Düsseldorf Boat Show in January, and an all-new 45ft flybridge that will hit the water at the end of this year.
Sheriff also promised that the technology developed in conjunction with Ben Ainslie Racing Technology would not be restricted to the new R35 sportsboat due to launch at the end of this year.
“The R35 is a landmark boat for Princess but it is not a one off,” he says, “you will see the technology used on this boat expanding to other new models under development.”
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Commenting on the Plymouth yard’s financial performance Sheriff says: “This has been a landmark year in the history of Princess. We have a clear vision to be the highest quality, most innovative and best luxury yacht producer in the world and it is gratifying to our highly skilled and dedicated 2,700-strong team that the market has responded in tune with our efforts.
“With our exciting launch plan this year of unique and exceptional yachts, 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.”
In 2016 the executive board, with approval from shareholders, committed to £100 million of investment across product, facilities and staff over five years.
The company has intentionally kept the supply of boats below demand in order to build the order book, with production slots for 2018 98% sold and 68% filled in 2019.
Ferretti Group has also announced strong financial results for the same period with double-digit growth and a new investment plan.
The yard’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) of €59 million is up 11% compared to 2016 and net profit in 2017 reached €24 million, up 71% on the previous year.