boatingbusiness.com
OCTOBER 2021
Person Behind the Face 6 | Business Matters 12 | Marketing 17 | Profile 24 | People 25
$1bn ORDER BOOK FOR PRINCESS
NEWS
Phenomenal success; Industry to reunite; Broads electrification pages 1-10
Princess Yachts saw its turnover reduce to £244m during 2020 from its 2019 full year turnover of £314. However, the financial performance has improved during 2021 with even stronger results expected in 2022. In its latest trading statement, the boatbuilder says the impact of the Covid-19 pandemic bought about many challenges, but now it has an order book of more than US$1 billion. There are record low distributor stock levels globally equivalent to one to two weeks of stock - and production almost completely covered by orders into the second half of 2023. Retail sales have grown to the highest levels in the history of the company. “The company now has a retail order book worth over US$1billion with the sales success of new models such as the X95, X80 and Y72 exceeding expectations,” said Antony Sheriff, Princess Yachts executive chairman and CEO. “We
8 Princess Yachts' retail sales are at their highest level in the company's history
have had over 20 orders for the X95, and 57 orders for the new Y72 model, the majority of these orders received off plan. All production slots are now filled for 2021, over 95% of 2022 production and over 60% of 2023 production is covered by orders.” He added: “The combination of our unique vertically integrated manufacturing process, the investment required to make it Covid-19 compliant and our decision to not cut new product development or make staff redundant resulted in an understandable drop in profits during 2020.” The new Y95, X80, and V50 models are already in production: five further new model launches are planned by the end of 2022. The boatbuilder also continues to recruit and is looking to grow its 3,200-strong workforce.
ONBOARD POWER
40% growth Four options Remote monitoring pages 13-17
MARINA EQUIPMENT
First e-charging network for the UK Plymouth is set to become the first city in the UK to install a network of shore-side charging facilities for its expanding fleet of electric maritime vessels. Princess Yachts in partnership with Plymouth City Council and Aqua SuperPower, led by the University of Plymouth is taking part in a project to develop a network of charging facilities around Plymouth Sound. It is anticipated Plymouth's Marine e-Charging Living Lab (MeLL) will provide the infrastructure needed to support this growing industry. “This is an exciting project that has the real potential to showcase Plymouth as a trail blazer in clean maritime innovation,” said Professor Will Blake, director of the
Sustainable Earth Institute at the University of Plymouth. The project has received more than £570,000 funding as part of the Clean Maritime Demonstration Competition, funded by the Department for Transport and delivered in partnership with Innovate UK. Led by the University of Plymouth in partnership with Plymouth City Council, Princess Yachts and Aqua SuperPower, the project will develop a network of charging facilities around Plymouth Sound. Between now and March 2022, the team will identify locations for charging facilities that can be easily linked to the National Grid as well as developing technologies that can assess the environmental effects of e-charging.
Waste collecting rover; New mooring system; Extra revenue stream pages 18-22