Turnover in excess of £30m and 2020 looks set to be another strong year
UK superyacht design studio, Winch Design Ltd, saw turnover hit £31.1m for its 2018-19 fiscal year, a 5.9% rise on the £29.3m it generated the previous year. Profits after costs and tax were £4.42m, down 10.3% (£4.93m) on 2017-2018.
In a filing by JAC Holdings Ltd, the ultimate owner of the various Andrew Winch design companies, to Companies House, the UK business register, the group strategy report said: “New business enquiries and conversion of those enquiries continues at an encouraging level. Within this context, the group will continue its longstanding and successful strategy of investment in new technology and recruitment of the most talented designers and technical experts.”
In respect of the group’s key performance indicators, the strategy report indicated that: “The business seeks to avoid being overly reliant on either a specific customer or a specific project and it actively monitors its exposure in this regard. During the year ended May 2019, the former statistic moved favourably and the latter statistic remained at a similar level.”
The group is active in the design of superyachts, aircraft interiors and properties and in the 2018-19 fiscal year, the revenue generated by the largest studio, understood to be superyachts, increased from 47% to 56% of the group’s total revenue.
Looking to the future, the report states: “Based on the level of confirmed projects, indications are that the financial year ended May 2020 will see another strong trading year for the group.”
|Income Statement (£ mil)||2019||2018||Change|
|Source: Companies House; *12 months ending May 31|
|Cost of sales||11.62||10.70||8.6%|
|Operating profit (EBIT)||5.42||6.12||-11.5%|
|Net Income (after tax)||4.42||4.93||-10.3%|
|Other income for the year (after tax)||0.36||0.56||-36.1%|
During the 2019 fiscal year, the number of staff rose from 88 to 102 and of the latter 70 were design, four management and 28 administration roles. The total remuneration for employees and directors was £8.0m in 2018-19 compared with £6.8m in 2017-18. The remuneration for key management personnel doubled in the year to £1.3m in 2018-19 as against £0.6m in 2017-18.