Princess Yachts reveals record financial results

The Plymouth-based yard broke several records in 2018, with its financial results, yacht sales and employment levels at an all-time high

Booming yacht sales led to record financial results at Princess Yachts in 2018, according to the yard’s latest financial results, which were released last week (May 30).

Both the turnover of £340million (up 24% year-on-year) and operating profit of £30million (up 173% year-on-year) are new records for Princess, while its £700million of forward orders stretch into 2020.

The yard’s employment drive has continued, with 3,200 people now on staff (50% more than after its 2016 restructuring) with recruitment taking place across the board, from design to manufacturing, engineering to management.

Apprentices continue to play a key part in Princess’s success – 40 new apprentices started in 2018, and a 100% retention rate after qualification means that 4% of its workforce are former apprentices.

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.”