Oyster turns over £20m
Oyster Yachts has achieved a turnover of £20m in its first full year of trading.
The first financial statements filed for the company for the period ended March 31 2019, show a gross margin of £2.2m with an operating loss for the company, excluding exceptional costs of £7.3m.
Oyster Marine was bought out of administration early 2018 by sole shareholder and CEO Richard Hadida and has an ‘eventful first 12 months of operation’ following the re-start of trading activities.
During the last year, the company has re-established all operations covering yacht production, design capability, technical and sales support
By mid-2020 all production sites will be at full capacity, with orders for new yachts across all models in the range and a timeline ahead of that originally anticipated when the business restarted.
Investment has included an in-house composite moulding facility and investment into the design of the yachts so they comply with Lloyds Register for deck and hull construction.
The company has also introduced an apprenticeship scheme.
“I cannot imagine a world without Oyster yachts and so am investing into all the activities of the business to ensure that the company has a sustainable long-term future,” said Richard.
“We are on track with the turnaround and I am building a business which has a long-term sustainable and profitable future for the next generation of Oyster owners.”
At the time of Oyster Marine’s administration, there were 14 yachts that were mid-construction – agreements were reached with the owners in respect of these vessels with the last of these yachts scheduled for handover in March 2020.
2020 will also see the launch of Oyster’s new 595 blue water sailing yacht and the directors are looking into the possibility of a sub 50ft Oyster.
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