Sunseeker launches superyacht division

Sunseeker 116

Sunseeker 116

Sunseeker today launched a superyacht division at the Monaco Yacht Show. The U.K. builder also released its financial results for fiscal 2018.

Andrea Frabetti, Sunseeker CEO

Andrea Frabetti, Sunseeker CEO

Sunseeker CEO Andrea Frabetti spoke about the new superyacht division to assembled media at the show, noting the progress of its new 161-foot aluminum-hulled superyacht, which is being built by ICON at its Harlingen shipyard in the Netherlands. The company also revealed plans for a new 133 Sunseeker, which will be built at the Osprey Quay shipyard and completed at the Pendennis yard in Falmouth. The new line will also include its 116 yacht.

Frabetti also spoke about the company’s aggressive product-development plans, which includes the launch of 22 models during the next three years. The company said it plans to invest $62.2 million (£50 million) in the brand over the next five years.

Sunseeker said fiscal 2018 sales rose to $373 million (£299.8 million) with gross margins increasing 39 percent to $44 million (£35.3 million) from the same period a year earlier. Net income rose from $1.4 million (£1.1 million) to $8.2 million (£6.6 million), and EBITDA more than doubled from fiscal 2017 to $16.1 million (£13 million).

“I’m extremely happy with our performance in 2018,” Frabetti said. “Looking ahead, we will further develop the framework for the business, aided by a £50 million CAPEX investment in R&D, new products, innovation and technology over the next five years.”

Frabetti said that in addition to superyachts, the company also plans to expand into new product categories. It recently launched a 38 Hawk high-performance boat.