Despite tough economic times Princess Yachts has announced some impressive figures for the last financial year.

Princess says that an increased turnover of £213.8m – up 3% on the previous year – was driven by the “continued investment in new product development and the establishment of new markets.”

Although profit before tax is down slightly on the previous year, the company still recorded profits totalling £18.4m.

To coincide with these strong figures, Princess has also revealed that it is investing in new facilities at its vast new Devonport South Yard site to help it develop some of the largest boats in the company’s history.

Chris Gates, managing director of Princess, said, “We are delighted with this strong set of financial results but we must remain cautious about the market outlook.  

“At the same time, we will continue to invest to secure employment and underpin future growth along with supporting our dealers to maintain a strong distribution network.”