Oyster Yachts announces return to profit after significant year of growth
by Oyster Yachts 4 Apr 2024 06:22 PDT
CEO Ashley Highfield © Oyster Yachts
British luxury yacht manufacturer Oyster Yachts has announced a return to profit - following heavy investment in manufacturing facilities, staff and new support services.
- Luxury British boatbuilder Oyster Yachts achieved a profitable month in January 2024 - and expects an overall Q4 profit for YE 2024
- This followed a year-on-year increase in turnover of 29% (to £56.4m) in its 2023 financial results
- Recently appointed CEO Ashley Highfield highlighted major investments to enhance the customer experience, plus upgrades to the Oyster World Rally
Latest financial figures for January 2024, which will be published next year, show a profit in January. CEO Ashley Highfield expects margins to continue grow and a profit in Q4 YE24.
The Southampton-based company, which makes blue water sailing yachts, showed a 29% year-on-year increase in turnover to £56.4m in recently released financial results for 2022-2023.
After launching a record 32 yachts in 2022, Oyster maintained full occupancy of all its shipyard's build bays during FY23.
During that time, Oyster grew its staff by a third to increase skills and production capability across its three UK manufacturing sites: Saxon Wharf and Hythe Marine Park in Southampton and Wroxham in Norfolk.
It also expanded its customer services, with a global service network, refit operation, unrivalled after-sales support, crew, and charter services. Owner and Chairman Richard Hadida, who acquired Oyster Yachts in 2018, made a £14.5m additional investment to enable the expansion of the business.
This led to a successive record year for production, brokerage sales, and charters, as Oyster looks to continue building market share and consolidate its position as the go-to luxury blue water yachting brand.
The investment in new models, facilities and customer services explains an underlying operating loss of £16.8m in the YE23 accounts - during the fifth year of renewal for the business since existing Oyster Yacht owner Richard Hadida stepped in to save a beloved British brand.
Ashley Highfield, CEO of Oyster Yachts, said: "Margins have continued to grow, and we have achieved positive EBITDA in recent months, which we expect to continue. We are increasing investment in our yachts, with focus on flawless quality and craftsmanship, to ensure they deliver unforgettable adventures where lifelong memories are made.
"We are confident Oyster is now in a strong position and has the resources and facilities to service our vessels world-wide and provide owners with truly personalised support.
"Investing heavily in the founding principles of Oyster Yachts is translating into stronger business results, whilst offering owners a lifetime of adventure, backed up by truly world-class service and support."
With the Oyster World Rally 2026-27 already fully subscribed, it has recently announced the Oyster World Rally 2028-29. With only 30 places, demand is expected to be high.
The Oyster World Rally is a unique, fully supported circumnavigation of the planet, covering 27,000 nautical miles, 27 destinations, and 16 months in 1 incredible adventure, exclusively for Oyster owners.
Owners experience unparalleled levels of luxury, with the reassurance of uncompromising, personalised service and support from Oyster's logistic, concierge and technical rally teams, accompanying the Rally fleet for the entire voyage.