Operating profits in 2018 nearly trebled to £29.8m

Antony Sheriff, executive chairman at Princess

Antony Sheriff, executive chairman at Princess Yachts

The UK’s Princess Yachts today released record financial results for the year ended December 31, 2018, with operating profits nearly trebling to £29.8m over the previous year. The Plymouth-based builder sold 270 boats in 2018 (up from 230 in 2017), boosting turnover by 24% to £340m. The company reported EBITDA (earnings before interest, tax, depreciation and amortisation) of £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,” says 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.”

The following highlights are listed in Princess’ year-end results:

  • Record financial results of £340m turnover and £30m operating profit
  • Forward orders worth £700m stretch through 2020
  • Record employment of 3,200 employees, up 50% since 2016
  • Princess confirmed as one of the UK’s largest specialist manufacturers
  • HSBC UK Bank plc and National Westminster Bank plc announce their support

Lesley Robinson, CEO of UK industry body British Marine, commented: “It’s fantastic to see these latest figures from Princess Yachts. 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.”