Princess Yachts International plc has posted yet another strong set of financial results for the year ended 31 December 2011, reinforcing its position as one of the strongest company’s operating in the luxury yacht market.
In recently released accounts, the Company reported Profit before Tax of £15.1 million (2010: £21.2 million), on Turnover of £207.8 million (2010: £206.3 million), underpinned by a strong, debt free, Balance Sheet with Net Assets totalling £88.9 million (2010: £82.1 million). Although Turnover was marginally ahead in 2011, profit before tax was held back by costs associated with the development and introduction of significant new products to the Company’s range, including the largest motor yacht the Company has ever developed, the Princess 40M, together with the smallest produced for some years, the Princess V39.
There has also been significant investment in new facilities, including the purchase of a 20 acre site which was formally part of the Devonport Dockyard and where larger yachts will be developed and built in the future.
With new territories continuing to emerge into the international yachting arena, new distributors are continually being added to the existing network. Notable among these new markets are those based in the Far East, Central and South America.
Chris Gates, Managing Director of Princess Yachts, said “These results have been achieved against a background of probably the worst market conditions the Company has yet encountered in its 48 year history. Moreover, we have continued with a carefully targeted investment programme in both new products and facilities which we expect to generate further sales growth both in new markets and by increasing our share of existing territories. We are also delighted with the recent completion and delivery of our first 40 Metre yacht and the fact we are already well underway with the build of the second.”