News: Princess Yachts to create 100 jobs and invest £55million
British Marine member, Princess Yachts, has announced plans to recruit 100 workers and invest £55million for new boat models.
The business has reported an order book stretching forward a year, and has been in profit since June 2016, an upward turn from its £20.25million pre-tax loss in 2015.
Following the "most challenging year" in the company's history, in which turnover dipped from £239.63million to £201.23million, the luxury yacht maker has made significant changes to its product range and production line.
These are already bearing fruit and, coupled with a more favourable exchange rate since the EU Referendum, sales are booming with sales of M-class vessels up 32%, for instance.
Princess Yachts is now looking to recruit 100 staff in positions across the company, including professional and skilled workers, and grow its workforce from the current 2,050 people.
In addition, the company’s shareholders have approved a £55million, three-year investment programme. Already, £14million has been injected to kick-start this, with a drive to create new boat models and improve the manufacturing facilities in the firm's sites across the city.
Executive Chairman at Princess Yachts, Antony Sheriff, commented: “Since June we have been operating profitability and we expect to continue. We are making progress and improving by leaps and bounds.”
“Our focus is on profitability and growth.” He adds, “We are looking for ways to develop boats that do not exist, we have a couple of ideas and will launch in 18 months to two years.”
Chris Gates, Managing Director at Princess Yachts, said: "We are taking market share and the market is slightly positive as well. And we are on a recruitment drive, right across the business.”