Poole-based Sunseeker experienced a financial turnaround in 2016
The audited accounts of Sunseeker International Holdings Limited reveal a profit of £6 million (EBITDA) for year ending 31 December 2016, a sea change from the £7m loss of the previous year using a similar calculation.
An EBITDA (earnings before interest, tax, depreciation and amortisation) figure focusses on operating costs without items such as plant depreciation, however the bottom line net income also reveals a small profit.
The profit and loss spreadsheet is not the only area to see a significant improvement. Revenue is up 25% from £202.6 million in 2015 to £252.4 million, while the increase on the forward orders stands at 41% by volume, year on year.
Speaking exclusively to MBY, Phil Popham, CEO of Sunseeker, attributes this success to a multi-pronged business strategy. “We’ve invested heavily in new product, with five new models launched in 2016, and two new models already launched in 2017 and more planned. The Manhattan 52, launched last year, has gone on to be the fastest selling boat in Sunseeker’s history with over 80 retail orders in its first five months.
“As well as new models, we’re also aggressively targeting new markets, the Middle East and Asia Pacific for example, with new dealers in areas like the Lebanon and Dubai Marina, and others in Japan”.
At the other end of the manufacturing cycle, costs and efficiencies have been closely scrutinised. Popham continues, “We’ve invested in new facilities and machinery that allows us to build boats better, but also faster. Our designs are also very focussed toward manufacturing efficiency. And by consolidating suppliers and taking a longer term view on parts supplies we’ve been able to negotiate better terms without any compromise of component quality”.
With 400 new employees recruited since 2014 and a further 170 due to be recruited this year plus a 100 strong apprentice program, Sunseeker is firmly on the front foot.
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