The UK’s Spirt Yachts is set to return to profitability within the next 12 to 18 months.
That’s according to the company’s strategic report for the year ended 31 March 2025 in which director Joseph Gillespie states that the company’s operating losses for the last two financial years are attributable to a strategic business and investment restructure.
“A large investment has been made in new design and tooling to allow for an improved product range and marketing strategy which will see the introduction and launch of several hull no 1s in 2026 to include a diverse offering in race, cruise and power,” he stated.
“This has been undertaken to realign the company’s operations, strengthen its commercial foundations and position the business for long-term growth.”
A large investment has been made in new design and tooling to allow for an improved product range and marketing strategy.
Joseph Gillespie
He hs said the financial impact of the transition is in line with management expectations and the directors remain confident in the company’s strategoc direction to return to profitability within the next 12 to 18 months.
The accounts represent the second full year since Spirit Yachts Limited was acquired and a new ownership structure and management team was unveiled, with company co-founder Sean McMillan stepping down as CEO and a group of Spirit Yacht owners taking majority ownership of the yard.
At the time, the company said the new owners had committed significant capital to strengthen future business growth.
The yard was said to have a strong sales pipeline and with the secure investment, was well-equipped to deliver a prosperous future.
Style and sophistication
McMillan took a step back from his CEO role to become a consultant designer and brand ambassador.
Spirit Yachts has three new models scheduled for launch in the next few months, a P50 Sport motoryacht, a P50 Coupe motoryacht and an R53 race yacht developed in collaboration with Ker Yacht Design.
Spirit Yachts says the new P50 motor yacht will marry the style and sophistication of Spirit’s sailing yachts with statement power boat characteristics to offer a luxury proposition.
Additionally, the company is building a custom Q class yacht.
The Suffolk-based shipyard was founded in 1993 by McMillan and Mick Newman, who set out to offer yacht owners a ‘sustainably-sourced alternative’ to fibreglass production boats.
This aim remains at the core of the company’s ethos today.
Spirit Yachts is known for building luxury sailing yachts up to 30.5m (100ft).
