Pendennis reports record turnover

Pendennis Shipyard (Holdings) Ltd, the parent company of the UK group associated with superyacht new-builds and refits, has reported a record turnover of £52m for 2017 – a 12% increase on the previous year. In 2017, 87% of the turnover came from exports compared with 69% in 2016.

In a year in which the shipyard experienced its busiest winter refit season with 11 projects running simultaneously at one point, the group saw its profit arising from ‘normal operations’ increased by 3.6% to £3.4m, representing 6.5% of turnover. This corresponds with a profit of £3.3m in 2016, equivalent to 7% of turnover.

In the annual accounts filed with Companies House, the UK businesses registration office, Pendennis reported that there were one-off items in 2017. These were respectively, again on the disposal of surplus assets of £828,514, and a provision included in creditors amounts falling due within one year of £2.2m for settlement of a long-term incentive share plan, the targets for which have been satisfied post year-end.

The Companies House filing also showed that since the year-end Pendennis has in full amounts due to the Cornwall Council Growing Places Fund and the charges in their favour satisfied. It added that the group’s remaining debt of £1.8m is considered normal working capital debt.

Pendennis reported that it is celebrating 20 years of its award-winning apprentice scheme, with 222 apprentice enrolments since the start of the scheme. Of these, 62 are currently in employment and being trained and 49 are trained and have been retained in the business. It added that the group has achieved planned employment growth in skilled trades with average employee numbers rising from 372 to 402 in 2017.

The filing adds: “The group is committed to providing a stable and strong workforce to build long-term relationships with clients. The directors believe the policy of long-term investment in the Pendennis brand, employee development, yard facilities and commitment to quality will deliver value to our clients and stakeholders now and in the future.”

Out of the 2017 turnover, the cost of sales accounted for £39.9m compared with £35.7m in 2016. This resulted in Pendennis’s 2017 gross profit rising to £12.5m against £11.1m in 2016. After taxation and the two exceptional items, the group ended 2017 with a net profit of £1.6m compared with £2.8m in 2016.

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