Oyster Yachts achieved a higher turnover and a reduction in its EBITDA loss during its last financial year.
The financial results for the year to 31 March 2024 show a turnover of £61.7m (2023: £51m}, with gross profit of £3.9m (2023: £1m loss).
The operating loss for the year before exceptional costs was £12.8m (2023: £17.3m loss).
The results reflect the first year of the turnaround of the business under owner and CEO Ashley Highfield.
“From April 2023 we have seen continued revenue growth in new yachts with growing margins the achievement of positive EBITDA in certain months,” he said in his report.
“We will continue investing in our yachts, with a relentless drive to ensure that they offer the very best experience on the water that a yacht can provide.”
The company began the year with a continuation of global supply chain issues which impacted the efficiency of production.
These issues were exacerbated by inflationary pressures which ramped up during the period.
We will continue investing in our yachts, with a relentless drive to ensure that they offer the very best experience.
In his report, Ashley states that within this challenging environment, the company continued to focus on the long-term plan for the business.
The company put a new leadership team in place with Ashley moving from the position of chairman to interim and then permanent CEO in February 2023.
Sales of new yachts across the range from the 495 model to the 885 model have continued with Oyster seeing an increase in revenue to £61.7m, up 21% on the prior year – which was a 29% increase on the year before.
The company also saw an improvement in its gross profit to £3.9m compare to a £1m loss in 2023 and a reduction in EBITA loss of 21%.
During the period, the company maintained full occupancy of its build-bays despite production and support challenges.
The report also states that skilled labour shortages in the UK led to longer yacht production times, and delayed revenue recognition.
The company has continued to invest in production facilities and technology to improve customer support.
