Princess Yachts Ltd has announced its financial results, as well as the figures regarding yacht sales and employment at its Plymouth headquarters. These results make 2018 the British manufacturer’s most successful year of its history. (in the opening photo, Antony Sheriff, Executive Chairman, Princess Yachts)
The 12 months to 31st December 2018 show record turnover of £340.3m (up £65.9m / 24% on 2017) and operating profit of £29.8m (up £10.9m / 173%). EBITDA for 2018 was £32.8m up from £14.9m in 2017.
Employment as well hit a record high in 2018, with 3,200 workers. 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 Yachts also increased investment in its apprenticeship program, with 40 new apprentices brought into the business; apprentices now make up 4% of the workforce with a 100% retention rate following qualification.
Antony Sheriff, Executive Chairman, Princess Yachts, said: “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. The team launched six stunning new luxury yachts while growing revenues to over one-third of a billion pounds.”
“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. 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,” added Sheriff.