2018 affirmed the strong financial progress of luxury performance motor yacht manufacturer Sunseeker International, with substantial growth in gross margins and retained profit.
Profits grew from £1.1 million in 2017 to £6.6 million in 2018, a substantial £5.5 million increase. Pure boat operations – excluding other operating income – increased by almost £10 million year-on-year. Underlying EBITDA was over £13 million for 2018, more than doubling the £5.9 million of EBITDA recorded in 2017.
Overall group (Sunseeker International Holdings Ltd) revenue was £299.8 million in 2018, with gross margins increasing by 39% (£9.8 million) from £25.5 million in 2017 to £35.3 million in 2018.
Mike McMillan, Chief Financial Officer, commented: “To oversee a 39% increase in our underlying gross margin is testament to Sunseeker’s focus on the quality of business, and not simply revenue growth. 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, Chief Executive Officer commented, “I’m extremely happy with our performance in 2018. Looking ahead, we will 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. This investment means our product development plan will see a doubling of the product range to 22 models over the next three years.
“The response we have had for our latest models has been incredible.
“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.”
The current 15 boat range consists of: