British yacht manufacturer Fairline reports a "significant improvement in business performance" ahead of its annual results report.
“Following a successful turnaround investment program over the last 18 months, Fairline Boats has made significant improvements to its business — securing the iconic British brand’s future as one of the world’s leading luxury motoryacht manufacturers,” the company said in a statement.
The company’s annual results for 2012 are due to be released in April and will detail the steps and results achieved by Fairline and its owners, Better Capital and Royal Bank of Scotland — which purchased Fairline from 3i in 2011 — to return the luxury boat brand to profitability, the company stated.
Better Capital and Royal Bank of Scotland recently invested $4.25 million toward Fairline’s manufacturing plant in Corby, England. The company recently made a two-year transition from eight single model lines to three mixed model lines and created dedicated sections for molding and furniture production.
The changes allow greater flexibility in production processes and improve labor productivity and material usage, according to Fairline.
Fairline plans to introduce three new models in 2013: the Targa 48 Open, which is already forward sold until 2014; the Squadron 48; and the Targa 48 Gran Turismo.
The company also plans further international expansion of its global dealer network.
“Over the last 18 months a significant amount of resource, expertise and investment has gone into making Fairline what it is today,” Alistair Schofield, chief executive of Fairline Boats, said in the release. “During this period the focus has been on investment in our manufacturing processes, developing innovative new products and enhancing our dealer network. The new manufacturing changes at Corby have created a world-class facility which will underpin Fairline’s future as a leading luxury boat manufacturer.”