Sunseeker reports profit growth

Sunseeker reports profit growth

UK powerboat builder Sunseeker's parent company Sunseeker Yacht Holdings, has reported sales of £275.5m with EBITDA increased to £25.5m, according to the company financial report for the year ending in July 2011.

That compares to £304.5m and £4.9m respectively for 2010.

The company says that profit growth has been driven by an increase in sales in newer yachting markets such as Russia and Brazil, with Asia taking over 20 per cent of sales compared to less than five per cent three years ago.

Sunseeker also reports a net cash position of £6m at year end and no un-sold finished boats in stock.

"This has been a fantastic year for Sunseeker," says Stewart McIntyre, Sunseeker's managing director. "The yachts are more valued than ever and our product range, balance sheet and distribution network have all combined to produce very strong financial results, which we are highly confident we will continue to improve upon in the next twelve months."

Sunseeker has invested £50m in the last five years and delivered 90 boats over 24m (90ft) in the same period.

The latest addition to its range is the Manhattan 53, which has been launched at Cannes and Southampton Boat Shows this month.

Sunseeker is expected to launch a new Portofino 40 motoryacht in Q2 2012.

Source: Superyacht Business, 19 September 2011