Princess Yachts, one of the UK’s largest luxury yacht manufacturers, has recorded a record year with turnover of £340m, an increase of 24%. In the year to 31 December 2018, operating profit was up a massive 173% at £29.8m.
Antony Sheriff, executive chairman of Princess Yachts, said: “I am really proud of what the Princess team has achieved in 2018.
“Their focus and dedication enabled Princess to build on the previous two years of solid financial figures and beat 2017’s record results. The team launched six stunning new luxury yachts while growing revenues to over one third of a billion pounds.
“These strong financial figures will enable us to build upon our unique, highly integrated infrastructure in Plymouth and invest even more in advanced technologies, new yachts and quality levels across design and production. We continue to forge ahead in our vision to be not just the highest quality, most innovative and successful luxury yacht manufacturer in the world, but also a great British employer.”
Established in Plymouth in 1965 Princess Yachts operates in 119 countries and employs over 3,000 people at its shipyards in Plymouth. The company was bought in 1981 by South African businessman Graham J. Beck who sold a 75% stake in the business to French businessman Bernard Arnault’s investment group for £200 million in 2008.