Princess 're-writes rule book' with ambitious launch programme, boost in revenues and capacity

Wed Jul 11 2018, 11:22 AM
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2018’s expected performance on track to far outstrip 2017’s record result of revenue and to more than double EBITDA to historically high levels

Princess Yachts has announced six new models, including a X Class ‘Super Flybridge’ that 're-writes the rule book', to join its range as the UK builder continues on 2017's positive trajectory. These new models follow the S78, V50, V60, V65 and F70 models already launched in 2018 .

According to the builder its financial performance during the first half of 2018, combined with a full order book and new launches planned for the Autumn, firmly places 2018’s expected performance on track to far outstrip 2017’s record result of revenue and to more than double EBITDA to historically high levels.

Princess’s order book covers 100% of 2018 production and 75% of 2019 production, with significant orders it claims, stretching into 2020. In response Princess has increased production volume by 30% to target almost 300 yachts this year.

Antony Sheriff, executive chairman of Princess Yachts, commented: “The intensity of our new product programme has already brought outstanding results as customers relish the unique combination of craftsmanship, elegance, quality, performance and customer care that are core to every Princess yacht. These next six new models raise the bar much higher with unprecedented use of innovative technologies, materials, architectural concepts and design solutions; we hope to be setting the standard for yacht producers for many years to come.”

Investment in growth and innovation

Princess says the launch programme and financial result is underpinned by a five year £100 million investment programme, now into its third year and fully on track. The investment recognises Princess’s core market position but is directed towards driving innovation and growth across the business through desirable and innovative new products and technologies.

These include the R35 Sports Yacht (Princess’s fastest ever boat designed in partnership with BAR Technologies and Pininfarina) and plans for a brand new yacht segment and architecture on the water in the X Class ‘Super Flybridge’.

The investment has also supported the expansion of the management team, bringing in new experience from the luxury, high technology automotive sector such as lean manufacturing and product development techniques, an evolved Princess design language, customer - focused platform strategies, new yacht concepts and unprecedented new technologies. Princess’s five Plymouth shipyards have now seen significant advances in manufacturing thanks to the intr oduction of innovative technologies and processes.

To support the rapid growth, Princess’s workforce has increased by 700 since January, bringing the total to 2,900. It is anticipated to break through 3,000 in the next 12 months, a record level of employment for the company. As a result, Princess is investing heavily to train their craftsmen and craftswomen.

Over 90% of Princess’s yachts are exported to customers around the world, and the Plymouth-based builder claims that, excluding engines, over 80% of each yacht is manufactured in the city.

Stimulated by its solid market position, the strong global economy and a growing pool of young wealthy customers, Princess Yachts has revealed six brand new yachts that will deliver new technologies and concepts to the sector.

The six new models are:

R35: the first Princess R Class performance sports yacht. The product of a collaboration with Ben Ainslie Racing Technologies and the Italian design house Pininfarina.

F45: The F45 flybridge brings unparalleled space, design quality and flexibility to a compact flybridge yacht. It features a full beam owner’s cabin, extended flybridge and a unique electrically sliding transom that increases the size of the cockpit area at the touch of a button. -

V55: The V55 further strengthens Princess’s position in its V Class range of sports yachts. It includes an innovative hideaway patio door that quickly converts the V55 from a deck saloon to an open yacht.

V78: The V78 is the flagship of Princess’s V Class sports yacht range. This 37 knot yacht features four large cabins and a dedicated stairway to the owner’s suite.

Y85: Heralds a new era for the Y Class range. Elegant sweeping lines ensure this yacht has a striking presence on the water, a luminous cabin and innovative features such as its convertible open/closed galley.

X95 ‘Super Flybridge’: Princess claims to be re-writing the rulebook, completely rethinking the architecture to develop a new concept in yacht design that redefines luxury living space. With its flybridge and main deck arrangement that span almost the full length of the yacht.

Just as luxury automotive brands have broadened their appeal by expanding their traditional sedan and sports car ranges to include spacious, versatile and sporty crossover concepts, Princess claims to have revolutionised its range with the all new X Class.