Princess Yachts announces strong set of financial results

Princess Yachts has announced a strong set of financial results achieved against a background of difficult economic conditions spanning all major global markets. Profit befoProfit before tax for the year ended 31 December 2012 was £18.4 million (2011 £20.5 million) on turnover of £249.9 million (2011 £228.6 million), with net assets at the year end totalling £104.6 million (2011 £92.9 million).

While profits are down on the previous year, the yard's growth in turnover, achieved in a fiercely competitive market environment, has resulted in increased market share thus further underpinning the foundations for further growth.

"Throughout the economic downturn, we have continued to invest heavily in new product and new facilities. 2012 will be seen as a pivotal year in the company's history with the successful launch of the highly acclaimed Princess 40M, the largest yacht the company has ever built. Following a string of awards, including the prestigious World Superyacht Award, we have secured further 40M orders and shortly expect to embark on the first phase of construction of state of the art production facilities at the company's new shipyard at Devonport South Yard. This is a £35 million investment programme, which has received support from the Government's Regional Growth Fund. The forthcoming Autumn boat show season will see the launch of several new exciting models, including an all new Princess 43, Princess V48 and Princess 88 Motor Yacht. These are the fruits of a substantial and carefully targeted investment programme that has continued unabated against challenging world economic conditions and which we believe will set us at the forefront of our industry", a spokesperson of Princess commented.

Princes Yachts
+44 (0) 1752 203888
[email protected]
www.princessyachts.com

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