Sunseeker's turnover has slowed, but its profitability has soared...

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Sunseeker's turnover has slowed, but its profitability has soared...

Yard Updates

Managing director Stewart McIntyre says he is very happy with progress in what is still a very challenging market.


Sunseeker’s managing director Stewart McIntyre released the company’s latest 2010/11 results on the eve of the Southampton International Boat Show. Turnover for the period on the delivery of around 170 boats had fallen from the record £304.5m of the 2009/10 year to £275.5m, a drop of 9.5 per cent, he says. However, and more significantly, the company's profitability is much improved. The company’s EBITDA for ‘10/11 was £25.5m, up from just £4.5 million a year ago and the loss recorded for the year before that one. The year-end ‘10/11 balance sheet showed at net cash position of £6 million.
And McIntyre says the operational effciency and profitability climb is expected to continue through the year ahead. The order book is still strong.
New markets have helped buoy Sunseeker’s slower traditional markets in Europe and North America. Sweet spots include Russia, Brazil, Venezuela, Mexico and China. Indeed sales to Asia are now around 20 per cent; the figure was just five per cent three years ago.
As for the Sunseeker product portfolio, that remains as strong as ever. There are presently 20 or so models – five Yachts from 24-40m (80-130ft), plus a 48m (155ft) one that’s in progress for perhaps a 2013 launch, nine Predator performance motoryachts from 16-40m (54-130ft), four Manhattan flybridge motoryachts from 16.3-22m (53-73ft) and for now one Portofino 48 sportscruiser, although 2012 Q2 will see the introduction of a new entry-level baby 40-footer.
The new model at Southampton in the Manhattan 53 and at London ’12 the company will show its new 28m (92ft).
Sunseeker is now delivering 18 100ft-plus boats a year, which really underscores just how important the superyacht sector has become over the past few years. Indeed McIntyre reports over 90 boats of 90ft and over have been delivered over the past five years, an amazing statistic.
Since July ’10 investment consortium FL Partners owns around 60 per cent of Sunseeker International, although founder Robert Braithwaite remains the single largest shareholder.

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© Phil Draper