Princess Yachts sees 25% sales increase

One of Princess Yachts' latest models the Princess 62 flybridge One of Princess Yachts' latest models the Princess 62 flybridge

Princess Yachts has reported a 25% increase in retail sales in 2016, halving the company’s operating loss for the year.

In 2015 the company saw an operating loss before exceptional costs of £18.1m on a turnover of £201.2m. In 2016 this dropped to £7m on a turnover of £216.7m.

The turnaround has been put down to an aggressive business strategy and restructuring of operations at the company’s base in Plymouth. 2016 was also the first full year at the helm for the company’s executive chairman, Antony Sheriff, previously CEO of McLaren Automotive.

In parallel, the launch of four new models has ‘set the stage’ for a three-year £55m investment programme to broaden and strengthen the Princess model range.

Following record sales at the Cannes, Düsseldorf and Ft. Lauderdale boat shows, orders across the range now exceed £0.5b at retail prices.

And the company says the current year will see a new model launched, on average, every two months, designed to take Princess into new markets and opportunities.

"Over the course of 2016 our order book has increased by more than 60% from already strong levels, driven by a 25% increase in retail sales rate which has outstripped production,” said Mr Sheriff. “In 2017, these indicators have continued to improve, which is the clearest signal of the strength of our brand and the enthusiasm with which our customers have embraced our new yachts.

"2017 is shaping up to be a year that drives us to the next level."

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