POOLE’S luxury boatbuilder Sunseeker has said it drastically reduced its losses last year and has moved back to profit this year.

Sunseeker International said it made money in the second quarter of 2016 and expects to turn a profit for the full year.

It revealed it had lost £13.6million in 2015 – a 67 per cent reduction on the losses of 2014.

It credited the improvements to restructuring and investment in new products and shipyards, as well as growing its global dealer network and hiring skilled staff and apprentices.

It was also more efficient and saw its order book improve. Orders are up 24 per cent by turnover year-on-year so far in 2016.

Orders have been boosted by five new models this year, including the 131 Yacht, 95 Yacht, Manhattan 52, 116 Yacht and Predator 68 MK II.

Orders so far this year were worth £220m at retail value, the company said. It said new model launches would continue across its size range.

The company’s Chinese owner, Wanda Group, has underwritten the investment.

Phil Popham, CEO of Sunseeker International, said: “I am delighted with our performance. 2016 has been a defining year for Sunseeker and we are confident of achieving strong, profitable and sustained long term growth as we continue to invest in the business for the future.

“This was just the start of our journey. We will continue to invest heavily over the next five years in new product development, shipyards and our people.

“All this, underpinned by a strong forward order book, means we are very excited for the future of this business.”