A £100m investment in new products and facilities was announced by Princess Yachts at the Cannes Yachting Festival today. The UK builder also said it is expecting “significant profits” in 2018.
Antony Sheriff, executive chairman, said: “Our shareholders (LVMH) have agreed to fund a new investment plan of £100m. Our financial strength is increasing and we are now trading profitably. We will break even this year and make significant profits next year,” he told IBI.
Princess Yachts employs 2,500 people at its facilities in Plymouth, which means that over the past year the yard has expanded its workforce by some 400 people as the volume of orders increases.
Sheriff commented: “We have a full order book for this year and we are nearly full for 2018. Our forward orders run well into 2019 and this year we will build 230 boats. The value of boats in build and ordered is approaching £750m.”
In a move to enhance its product delivery to customers, Princess has launched ‘Princess Lifeline’ which with one call provides access to experts who can help owners with any problems they might be experiencing. These include medical, safety and security issues. Sheriff indicated: “This is one of a number of new services that we will be launching.”
As part of Princess’s strategic plan, nine models will be unveiled between the start of 2017 and the end of 2018. At Cannes, Princess has globally launched the all-new Princess 62, which is leading the company’s show display which also includes its ‘M’ class 35m (115ft) which is lying off the port.