Pendennis Shipyard group turnover increased 7.4% to £97.5 million in the year ended 31 December 2025, while profit before tax fell to £4.75 million from £6.81 million.
EBITDA declined to £8.47 million from £9.44 million and operating profit dropped to £5.05 million from £6.85 million. Gross profit increased more modestly, reaching £26.36 million compared with £25.87 million in 2024.
The group attributed the revenue increase to the first full-year consolidation of Cockwells Modern & Classic Boatbuilding with the reported results showing absorbed acquisition integration and support costs.
Margins were additionally affected by higher UK operating costs and one-off contract losses of £695,964 on completed projects in the group’s joinery division.
The company said these losses had been ‘fully provided’ in the 2025 reporting period and that its UK cost base had been ‘reset for 2026’.
International activity
UK turnover increased to £23.96 million from £5.84 million, while revenue from the rest of the world declined to £73.53 million from £84.93 million.
International activity therefore remained the largest part of group sales despite the year-on-year reduction.
Pendennis reported net assets and shareholders’ funds of £43.42 million at the year end, after paying a dividend of £1.22 million.
Net current liabilities narrowed to £408,877 from £3.36 million, while creditors due after more than one year increased to £8.12 million from £5.45 million.
Employment rose to 671 people from 572. The group recruited 24 apprentices across its UK businesses during 2025 and said it was matching planned growth in skilled roles with forecast demand.
It is also expanding training and recruitment programmes at its Vilanova operation.
The accounts identified competition in custom yacht construction and refit, competitor consolidation and investment in rival facilities as principal risks.
Pendennis says it addresses these pressures through international marketing, industry monitoring and continued investment in its brand.
