Grand Banks Yachts taken off Singapore watch list

Author:
Updated:
Original:

Grand Banks Yachts Ltd. was approved by Singapore Exchange Securities Trading Ltd. for removal from the watch list.

Grand Banks was placed on the SGX-administered watch list on Dec. 5, 2011, after reporting three consecutive years of financial losses.

The maker of the Grand Banks boat brand, which recently acquired Palm Beach Motor Yacht Co Pty Ltd. of Australia, said Aug. 27 that it had recorded a profit before taxes of nearly $800,000 for the financial year that ended June 30.

The profit recovery was driven by improvement in boat sales in the United States — its main market –- and Asia, and stringent cost-cutting measures.

“The removal from the watch list underscores the hard work of the entire Grand Banks team to increase sales, introduce new-boat designs as well as to improve operational and financial efficiencies,” Grand Banks chairman Heine Askaer-Jensen said in a statement. “We are pleased by the Singapore exchange’s decision to remove the company from the watch list after having recorded a full year of profit in FY 2014.”

“Grand Banks will continue to improve its value proposition and seek further improvements in production efficiency,”he said. “Towards this end, our efforts will be accelerated by the recent acquisition of Palm Beach and the appointment of Mr. Mark Richards as the executive director and CEO of the enlarged company.”

Related

Patrick Acquires SeaDek Parent

The Indiana-based company continues its strategy of growth through acquisitions.

BoatUS, USPS Resume Safety Checks

The groups are offering the service during safety events, or boaters can conduct the inspection using an online guide.

Stepping Up the Pace of Relief

A positive jobs report, 3 million vaccinations per day and consumer confidence point toward economic recovery.

Freedom Boat Club Buys N.Y. Franchise

The latest acquisition is Brunswick’s sixth corporate-owned Freedom operation in the United States.

In-Person NMEA Conference Announced

The electronics conference, in conjunction with the Radio Technical Commission for Maritime Services, is scheduled for Sept. 20-24 in Orlando, Fla.

Vesper Appoints U.S.-based Manager

Damien Frye will drive sales of the New Zealand-based company’s Cortex product line.

Groupe Beneteau Sells CNB

As part of the conglomerate’s realignment, the Groupe has inked an agreement with Italian yard Solaris to purchase the bluewater sailing brand.