Sunseeker International announces return to profit
Yachting Boating World: Sunseeker International has announced a £50 million investment plan after the company revealed it was back in to profit in the second quarter of 2016.
The Poole-based luxury boat builder also announced a massive £50 million of investment to be spent across new products, improved shipyard facilities and the continued recruitment of people over the next five years.
This follows other positive announcements by the company earlier this year.
In March, Sunseeker International announced it was recruiting a record number of apprentices at its sites at Poole and Portland.
In April, it opened Sunseeker Portugal on the Iberian Peninsula.
The company is attributing the reversal in fortune to a period of significant change and restructuring within the business.
This was led by Sunseeker’s new executive team, and saw investment in new products, shipyards, growth in its global dealer network, and the recruitment of skilled staff and apprentices.
Sunseeker also ensured better efficiencies throughout the business. Orders year-on-year for 2016 are also up by 24%.
These include the 131 Yacht, 95 Yacht, Manhattan 52, 116 Yacht and Predator 68 MK II, securing over £220 million of orders at retail value to date.
These multiple model launches are set to continue as part of a long term product plan that will see new model introductions across the size range over the next five years.
The executive team’s plan to invest in long term profitable growth is backed by majority shareholder Wanda Group, which has underwritten the investment to support the plan.
As well as the significant investment, Sunseeker also made huge financial progress in 2015, reducing losses by 67% to £13.6 million and paving the way for the company to return to profit in 2016.
The CEO of Sunseeker International,Phil Popham said: “I am delighted with our performance. 2016 has been a defining year for Sunseeker and we are confident of achieving strong, profitable and sustained long term growth as we continue to invest in the business for the future.”
“This was just the start of our journey, we will continue to invest heavily over the next five years in new product development, shipyards and our people,” he continued.
“All this, underpinned by a strong forward order book, means we are very excited for the future of this business,” concluded the CEO.