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Princess Yachts expands their workforce due to growth

6th July 2018

According to the Devon Live newspaper, Princess Yachts is the 5th largest company in The Annual Business Guide lists the Top 150 companies in Devon and Cornwall.

The list was revealed at the launch of the Western Morning News Annual Business Guide 2018 to VIP business leaders at Exeter Racecourse yesterday.

Sponsored by Pavey Group and Devon Colleges Group with data compiled by KPMG, the Annual Business Guide acts as a barometer for every sector and geographical area right across the region.

In launching the guide at the preview, Bill Martin, editor Western Morning News, said the guide was a key part of the #BackTheSouthWest campaign, designed to take a unified message to the government for the region’s investment needs.

Mr Martin went on to say the Top 150 dominate in four sectors: Manufacturing, Wholesale and Retail, Business Services, Leisure and Other

Continued, saying “ The launch of the Annual Business Guide which again this year showcases a region boasting remarkable levels of innovation, creativity, investment and hard work despite the uncertainty we are surrounded by and our peripherality.

“All of those in this year’s list, and the tens of thousands of small and micro business in the region, deserve to be celebrated for their achievement and their contribution to the regional economy. And they also deserve support. Better roads, better rail, better digital connectivity are all “must-haves” rather than “nice to haves”. ”

Also in the top five are Exeter-based Pennon Group PLC, Devonport Dockyard in Plymouth, Newcross Healthcare Solutions in Totnes and Princess Yachts in Plymouth.

The top 20 shows only one new entrant with Natatomisam Limited. The James Brent vehicle for various businesses including Plymouth Argyle Football Club, Plymouth Pavilions and Saltrock Surfware moved up from 47 to 17.

Together, the Top150 have a total turnover of £11.4billion and employ 83,260. The figures for Princess Yachts were highlighted at:

 

Employees: 2,407

Turnover: £274.4million

Luxury boat builder Princess Yachts has been especially buoyant in 2018 making a £7.9 million profit and selling a jaw-dropping £30 million worth of boats in just one week.

The Plymouth company had a record-breaking year in which its order book hit £750 million.

It is a huge turnaround for the firm which in 2017 announced a loss of £7 million.

After a stellar year, the firm, which employs about 2,500 people in the city, saw turnover jump 26.6% to £274.4 million.

That represents the firm’s highest sales figure in its 53-year history.

Financial results for the 12 months to December 31, 2017, show an operating profit before exceptionals of £7.9 million, representing a turnaround of £15million on its 2016 results.

It continues a trend of strong year-on-year growth for the L Catterton-owned luxury yacht builder.

Princess’ recent performance at the industry’s three biggest global sales events – the Cannes, Fort Lauderdale and Düsseldorf boat shows – saw the company power ahead across its entire fleet.

Princess’ advance order book now totals in excess £750 million, 20% higher than the previous year.

To support this growth, Princess has increased its workforce by more than 500 people in the past year.

Story from DevonLive