PRINCESS YACHTS SEEK CASH INJECTION TO MEET GROWING DEMAND

2020-02-12


Luxury boat maker Princess Yachts has had an “unprecedented” sales success at the world’s biggest indoor boat show after selling more than £30million of vessels in each of the past two years.
The Plymouth manufacturer said it enjoyed “unprecedented stand visitor numbers and levels of sales” across its range throughout the eight-day Boot Düsseldorf 2020 show in Germany.

The company, now the UK’s largest luxury yacht maker, described the show as “a hugely successful event” but has not disclosed the number of boats sold or the total cash generated.
In 2019 it sold £38million of boats, which was £8million more than in 2018, which was, in itself a record year.

Princess was delighted with its results in 2020 too and said it bolstered its recent launch programme which has resulted in “record numbers of new yachts being designed, developed, manufactured and ordered in the past two years.”
Princess now has an order book of £0.6billion and in January 2020 it was reported the company had brought in advisors so it can obtain a cash infusion from shareholders.

The firm has seen profitable growth and has increased revenue by 75% in three years, hitting record profitability and has embarked on the development of a new generation of products and a realignment of its production systems and employment to meet the growing demand.
The company, which employs about 3,000 people in Plymouth, debuted five new yachts in Germany – the F50, V55, S62, S66 and Y78.
That was at a display also featuring the R35, V40, V50, F55 and Y85.
Furthermore, and a first for a major international boat show, Princess customers and stand visitors were treated to a preview of the anticipated new luxury yacht the X95.

A 1:1 scale mock-up display of the X95 main deck was transported from the brand’s Plymouth base, giving a glimpse into the inner workings of this new flagship’s development.
The mock-up provided an insight into the vision of the Princess Design Studio and delivered an activation for the general public mirroring that of X95 clients, as they were taken through the development journey of a superyacht in a unique, immersive experience.

Antony Sheriff, Princess’ executive chairman, said: “It’s been another great year for Princess Yachts at Boot Düsseldorf.
“The show goes from strength to strength and I’m particularly proud of the reception the X95 mock-up display received.