Sunseeker Reports Solid Growth in Profitability
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 £1.1m in 2017 to £6.6m in 2018, a substantial £5.5m increase. Pure boat operations – excluding other operating income – increased by almost £10m year-on-year. Underlying EBITDA was over £13m for 2018, more than doubling the £5.9m of EBITDA recorded in 2017.
Overall group (Sunseeker International Holdings Ltd) revenue was £299.8m in 2018, with gross margins increasing by 39% (£9.8m) from £25.5m in 2017 to £35.3m 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 £50million 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.”