IBI would like to clarify a story run on Thursday, January 8 on headline financial figures for Princess Yachts for its financial year ended 31 December 2013.
The loss of £11.05m reported in the story does not reflect group results for Princess Yachts International, which reported pre-tax profits of £17.8m, but instead refers to company results in 2013 for RNO Ltd (the smallest company into which Princess Yachts International Plc is consolidated). IBI regrets this reporting error.
RNO Ltd is a holding and investment company based in the UK and, as stated directly in its annual accounts, its principal activities and all revenues arise from the manufacturing and sale of luxury motoryachts in England, encompassing Princess Yachts and its subsidiary Felix Engineering.
At a consolidated level, RNO Ltd reported pre-tax profits of £4.85m and after-tax profits (net income) of £2.75m for 2013. This includes consolidated financing costs of £12.56m on total Company and Group borrowings of £187.5m.