Oyster Yachts has announced a return to profit for the start of 2024 with margins expected to continue to grow throughout the year.
The news follows heavy investment in manufacturing facilities, staff and new support services.
The luxury boatbuilder launched a record 32 yachts in 2022, and maintained full occupancy of all its shipyard’s build bays during 2023.
This resulted in a 29% year-on-year increase in turnover to £56.4m for 2022-2023.
During the period, 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.
Expansion
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.
The boatbuilder says the investment in new models, facilities and customer services explains an underlying operating loss of £16.8m in the 2023 accounts.
“Margins have continued to grow, and we have achieved positive EBITDA in recent months, which we expect to continue,” said Ashley Highfield, CEO of Oyster Yachts.
“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.”
