Princess Yachts reports record-breaking revenue as orders exceed $1 billion
The luxury British yacht company says it's on the crest of a wave as it launches new range
Luxury British yacht company Princess Yachts Ltd has exceeded $1bn (£750m) in revenues as orders for the first time in its 53-year history. The L Catterton-owned company also announced financial results for 2017 were a record turnover of £274.4m, with an Operating Profit of £7.9m.
Executive chairman Antony Sheriff announced in London that Princess had seen exceptional sales at last year's Cannes, Fort Lauderdale and Düsseldorf boat shows, and plans to capitalise on its success in 2018 and 2019 with multiple new yacht launches, building the company's fleet to a total of 23.The Plymouth-based company has also hired more than 500 staff members to keep up with the manufacturer's growth, including creating a robust internship programme.
“This has been a landmark year in the history of Princess. We have a clear vision to be the highest quality, most innovative and best luxury yacht producer in the world and it is gratifying to our highly skilled and dedicated 2,700-strong team that the market has responded in tune with our efforts," said Sheriff. "With our exciting launch plan this year of unique and exceptional yachts, coupled with our unprecedented $1 billion order book which stretches well into 2019, 2018 is set to be another record year in sales and profits for Princess Yachts.” >>
Earlier this year, Princess celebrated the launch of three new models, the V50, V65 and S78, with six additional launches by the end of 2018. One of these includes the revolutionary R35, a carbon fibre sports yacht which features a world-first Active Foil System, which improves the model's fuel efficiency and hydrodynamic stability, and was developed in collaboration with BAR Technologies.
“We pride ourselves on creating yachts of exceptional design and quality. Now, working together with BAR Technologies we are thrilled to be working on a brand-new fully carbon fibre yacht that will deliver an exhilarating experience through bold innovation and cutting-edge technology," Sheriff said. "We are confident this entirely new class of yacht, which is one of the most exciting and revolutionary products Princess has developed will become this year’s most sought-after product.”
Princess Yachts intends to continure this technological innovation, trickling new discoveries into its fleet and is particularly devoted to making improvements to its eco-friendly output in partnership with the Marine Consercation Society. The company was acquired in 2008 by L Capital 2 FCPR, an investment group co-sponsored by LVMH and Groupe Arnault, which in 2016 merged with Catterton to become L Catterton.