Sunseeker reports $7.5 million profit for 2016Posted on
Sunseeker International Holdings Ltd. said it returned to profitability in 2016 with a profit of 6 million pounds, or about $7.5 million, and plans to add 170 new jobs this year.
The British boatbuilder said it delivered five new models in 2016 and saw its order book increase 41 percent by volume year over year.
The figures reflect a 36 million-pound (about $45 million) EBITDA profit improvement since 2014, and Sunseeker said they are the result of a significant restructuring and refocusing of its business, as well as substantial investment across new products, improved facilities and people.
The company said the market reaction to the new products has been strong and has helped the business increase its revenue by 25 percent, from 202.6 million pounds (about $253 million) in 2015 to 252.4 million pounds (about $315 million) in 2016, creating a strong platform for future profitable growth.
Sunseeker said it has created more than 400 new jobs since 2014 and plans to recruit 170 people this year to support further volume growth.
Sunseeker said it launched a record five new models in 2016, ranging from the Manhattan 52 and Predator 68 to the larger 95, 116 and 131 yachts, collectively securing more than 220 million pounds (about $275 million) of orders at retail value to date.
The Manhattan 52, which won the award for Best Flybridge up to 55 feet at the 2017 Motor Boat Awards, is now the brand’s fastest-selling model to date, with more than 80 retail orders in its first five months, the company said.
“It has been a remarkable turnaround in such a short space of time, and much of this can be attributed to our strategy to continually invest across the key areas of the business, especially our products,” Sunseeker CEO Phil Popham said in a statement.
“New and exciting products breed growth in this market, and the response we have had for our latest models has been nothing short of incredible. We are confident this is going to continue, too, as we will be investing a further 50 million pounds (about $62 million) across the business to support a bold product plan that will see many more new introductions over the next few years.”
Popham said 2016 was a “defining year” for the company.
“I’d like to personally thank the whole Sunseeker team for their hard work and dedication and our shareholder Wanda Group for their continued support to help make this possible,” he said. “The business is on a fresh course, not just to strengthen our position as Britain’s largest boatbuilder, but as the global leader for luxury performance superyachts. All this, underpinned by a strong forward order book, means we are extremely excited about the future.”
Sunseeker has launched two new models this year, the Manhattan 66 and 68 Sport Yacht, which were revealed at the London Boat Show in January. Additional introductions are planned later in the year.