A record year for Princess Yachts
The British superyacht-manufacturing stalwart has announced record breaking financial results, a strong order book and a thriving apprenticeship scheme…
Princess Yachts has today announced record financial results, plus new records for yacht sales and employment at its Plymouth headquarters. The 2018 results signal the British manufacturer’s most successful year in its illustrious 54-year history. Financial results for the year ending 31 December 2018 show turnover of £340.3m (up £65m/24 per cent on 2017) and record opening project before exceptionals of £29.8m (up £10.9/173 per cent). EBITDA for 2018 was £32.8m up from £14.9m in 2017.
“I am really proud of what the Princess team has achieved in 2018. Their focus and dedication enabled Princess to build on the previous two years of solid financial figures and beat 2017’s record results,” comments Antony Sheriff, executive chairman of Princess Yachts. “The team launched six stunning new luxury yachts while growing revenues to over one third of a billion pounds.”
In 2018 Princess hit a record high for employment of 3,200. Recruitment has taken place across the business from engineering to exterior design, manufacturing to management, making Princess one of the UK’s largest specialist manufacturers. Princess also increased investment in is successful apprenticeship programme with 40 new apprentices brought into the business; apprentices now make up four per cent of the workforce with a 100 per cent retention rate following qualification.
Traditionally, the superyacht industry has been poor at educating governments and investors at quite how effective it can be as an employer and economic contributor. The success of Princess business model and its flourishing apprenticeship scheme is a testament to how the superyacht community can contribute to the wider community.
“These strong financial figures will enable us to build upon our unique, highly integrated infrastructure in Plymouth and invest even more in advanced technologies, new yachts and quality levels across design and production,” continues Sheriff. “We continue to forge ahead in our vision to be not just the highest quality, most innovative and successful luxury yacht manufacturer in the world, but also a great British employer.”
“It’s fantastic to see these latest figures from Princess Yachts," comments Lesley Robinson, CEO of British Marine. "The sector has recently celebrated its sixth consecutive year of growth, so it’s safe to say demand for UK manufactured luxury yachts is at an all-time high. We are proud that the UK remains an international hub for expertise and craftsmanship, particularly during uncertain economic times.”
According to The Superyacht Agency, Princess Yachts has delivered an average of 3.1 vessels per year since 2011. Since 2015, however, the British superyacht-manufacturing stalwart has delivered an average of four vessels per year and, if Princess’ order book proves to be accurate, the yard will have its most prolific year to date in 2019 with eight vessels scheduled for delivery.
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