UK builder sees increase in 2018 profits

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UK builder Sunseeker reported sales of $374 million (£299.8 million) for 2018, with profits of $8.23 million (£6.6 million). The company did not release 2017 sales in the statement but said that the previous year’s profit was $1.4 million (£1.1 million). EBITDA was over $16.2 million (£13 million) for 2018 compared to the $7.4 million (£5.9 million) of EBITDA in 2017. Gross margins on annual sales were up 39 percent for 2018.

“To oversee a 39 percent increase in our underlying gross margin is testament to Sunseeker’s focus on the quality of business, and not simply revenue growth,” said Mike McMillan, chief financial officer, in the statement. “We have worked hard to provide an exciting product range for our customers that can deliver increased levels of profitability, to fund further innovation and product development.”

Andrea Frabetti, Sunseeker’s newly installed CEO, said the plan is to “further develop the framework for the business and drive the Sunseeker brand forward to even greater success, aided by a £50 million CAPEX investment in R&D, new products, innovation and technology over the next five years.”

Frabetti said the product development plan will involve doubling its product line to 22 models over the next three years. “Our future models will include new product segments, as well as improved differentiation between various lines, all of which will help us to continue to grow profitably,” said Frabetti in the statement. 

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