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, 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”.
