Oyster Yachts announces return to profit
Oyster CEO Ashley Highfield. Image courtesy of Oyster Yachts.
British yacht manufacturer Oyster Yachts has announced a return to profit following an increase in turnover in 2023.
The Southampton-based company, which makes 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.
The latest financial figures for January 2024, which will be published next year, show a profitable month — and Oyster says it expects an overall Q4 profit for YE 2024.
After launching a record 32 yachts in 2022, Oyster says it also maintained full occupancy of all its shipyard’s build bays during FY23.
Recently appointed CEO Ashley Highfield expects margins to continue to grow. He highlights major investments the firm has made to enhance the customer experience, plus upgrades to the Oyster World Rally.
Oyster grew its staff by a third during FY23 across its three UK manufacturing sites: Saxon Wharf and Hythe Marine Park in Southampton and Wroxham in Norfolk.
Owner and chairman Richard Hadida, who acquired Oyster Yachts in 2018, made a £14.5m additional investment to expand the business.
This led to a successive record year for production, brokerage sales, and charters, according to Oyster.
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.
“Margins have continued to grow, and we have achieved positive EBITDA in recent months, which we expect to continue,” says Highfield. “We are increasing investment in our yachts, with a 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 worldwide 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.”
