Princess Yachts recorded its highest ever sales in 2017 with record turnover of £274.4m, an operating profit of £7.9m and advance orders totalling more than US$1bn for the first time in its history.
Financial results for the 12 months to 31 December 2017 show turnover is up 26.6% on 2016 and advance orders 20% higher than the previous year, with results helped by a strong performance at the Cannes, Fort Lauderdale and Düsseldorf boat shows.
Antony Sheriff, executive chairman of L Catterton-owned Princess Yachts, said: “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.”
2018 has already seen Princess launch the V50, V65 and S78 models and will see an additional six launches by year-end, including the carbon fibre R35 sports boat which will feature the Active Foil System, designed to achieve performance, efficiency and stability.
The company has also significantly invested in production and quality at its Plymouth headquarters. To support this growth, Princess has increased its workforce by more than 500 team members in the last year.
“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,” added Mr Sherriff.