Princess Yachts.
Princess Yachts have announced very positive results for the year ended 31 December 2009, despite continued uncertainty in global economic conditions.
Princess yachts have reported an increased turnover of £213.8 million, up 3% from the previous year, driven by the continued investment in new product development and the establishment of new markets.
Although Profit before tax was slightly down on the previous year, it also remained strong at £18.4 million. Princess yachts are delighted that these results, along with a strong balance sheet, provide a strong platform from which the business will continue to withstand the current economic uncertainties and invest in the future strength of the business.
Princess yachts also have significant investment plans, with the development of some of the largest yachts in the company’s history and the establishment of world class manufacturing facilities at the vast new Devonport South Yard site. The redevelopment will consist of significant modifications and enhancements to the current yard including an impressive new production hangar, which will develop in size over three phases to produce an incredible, world class manufacturing facility. The plans also include the covering and development of the existing ‘shallow dock’, minor structural changes to the existing number 3 slipway and many associated external works around the site.
The development represents a significant contribution to Plymouth’s economic regeneration. The approximate £45m investment programme for the yard will lead to the creation of 200 new jobs at the company.
The Company’s focus on developing its people and products, and creating a world class infrastructure, combined with the robust financial results, place Princess in a strong position, ready to take the lead as the world emerges from the current downturn.
Chris Gates, Managing Director of Princess, commented “We are delighted with this strong set of financial results but we must remain cautious about the market outlook. At the same time, we will continue to invest to secure employment and underpin future growth along with supporting our dealers to maintain a strong distribution network”. He continued; “We recognise that the greatest concern to customers currently is security of purchase, especially when building larger boats with longer lead times, so we are very happy that these accounts will give both our customers and our distributors added comfort that the Princess name is encompassed within a strong and resilient company”.
For more information on Princess Yachts, please contact CharterWorld. Otherwise you can browse the Princess Yachts available for charter.
