News

Oyster Yachts returns to profit after significant year of growth

The British luxury yacht builder Oyster Yachts has announced a return to profit, credited to substantial investments in production facilities, personnel, and new support services. According to a company statement, the latest financial data for January 2024 show a positive trend, which will be published next year. CEO Ashley Highfield anticipates continued margin growth and profitability in the fourth quarter of 2024.

The Southampton-based company, which builds blue water sailing yachts, showed a 29 per cent year-on-year increase in turnover to £56.4m in recently released financial results for 2022-2023.

After launching a record 32 yachts in 2022, Oyster maintained full occupancy of all its shipyard’s build bays during FY23. During that time, 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. 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. This led to a successive record year for production, brokerage sales, and charters.

Meanwhile, Oyster Yachts is striving to continue gaining market share and solidify its position as a leading brand for blue water luxury vessels. The investment in new models, facilities and customer services explains an underlying operating loss of £16.8m in the YE23 accounts – during the fifth year of renewal for the business since existing Oyster Yacht owner Richard Hadida stepped in to save a beloved British brand.

Ashley Highfield, CEO of Oyster Yachts

Ashley Highfield, CEO of Oyster Yachts, said: “Margins have continued to grow, and we have achieved positive EBITDA in recent months, which we expect to continue. 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.
Investing heavily in the founding principles of Oyster Yachts is translating into stronger business results, whilst offering owners a lifetime of adventure, backed up by truly world-class service and support”.

Redazione

Recent Posts

F.lli RAZETO & CASARETO introduces “IROS,” the new onboard lighting design

F.lli Razeto & Casareto is a company that has always provided the market with the…

3 days ago

GX Superyachts, the new hybrid superyachts by Greenline

One of the most innovative new yachting brands in years has been officially launched at…

2 weeks ago

Xpagoda, the luxury superyacht revolution

A radically innovative superyacht platform that is a game-changer in superyacht design, luxury offshore experiences,…

3 weeks ago

Quick Group unveils new products for the superyacht market : the Airlock pantograph door and Riviera anchoring system

A pantograph door and an anchoring system are the two new innovations presented by Quick…

4 weeks ago

Magazzù M16: 100 miles of rough seas, aboard a superboat

Magazzù M16: here’s how the new flagship performs when conditions get toughMagazzù has always been…

4 weeks ago

The evolution of the C-Tender 40, even more spacious

The evolution of the C-Tender 40 is now even more refined, elegant, and spacious. The…

4 weeks ago

This website uses cookies.