Princess Yachts turnover and profits up in 2008
By IBI Magazine
UK boatbuilder Princess Yachts International has reported a turnover of £206,62m for the year ending December 31, 2008, up from a turnover of £195.58m for the same period in 2007. Pre-tax profits also rose, from £24.59m in 2007 to £26.58m for the year ending December 2008.
In 2008 Princess employed an average of 1,918 in its workforce at its Plymouth facilities, up from an average of 1,738 in 2007 and 1,562 in 2006.
In May this year the boatbuilder announced that it was making 316 workers redundant, including 261 compulsory job losses. The job cuts were less than had been anticipated when Princess announced in March that it would be making cuts. At the time, the company said that up to 450 jobs were likely to go. This month the company announced that 20 workers were to be re-employed.
In June the boatbuilder signed a lease on a new 15-acre site at South Yard, where it will build its new Princess 105.
In May 2008 Princess was acquired by L Capital 2 FCPR for an estimated £200 million. The consortium was sponsored by Groupe Arnault, the investment vehicle of French billionaire Bernard Arnault, and Moët Hennessy-Louis Vuitton (LVMH), the luxury goods company he runs.
(13 November 2009)
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