Sunseeker to double its range after profit boost

As reported yesterday, the Poole-based luxury boat builder saw

.

Only five years ago, the company lost £41m and shed 300 jobs.

Andrea Frabetti, who was named as Sunseeker’s chief executive last year after the resignation of Christian Marti, said: “I’m extremely happy with our performance in 2018.

“Looking ahead, we will further develop the framework for the business and drive the Sunseeker brand forward to even greater success, aided by a £50mCAPEX (capital expenditure) investment in R&D, new products, innovation and technology over the next five years. This investment means our product development plan will see a doubling of the product range to 22 models over the next three years.

“The response we have had for our latest models has been incredible. Our future models will include new product segments, as well as improved differentiation between various lines, all of which will help us to continue to grow profitably.”

Sunseeker said it had seen substantial growth in gross margins and retained profit.

Pure boat operations – excluding other operating income – increased by almost £10m year-on-year. Underlying EBITDA (earnings before interest, tax, depreciation and amortization) was over £13m for 2018, compared with £5.9m in 2017.

Group revenue for Sunseeker International Holdings Ltd was £299.8m in 2018, with gross margins up 39 per cent from £25.5m in 2017 to £35.3m in 2018.

The company, owned by the Chinese conglomerate Dalian Wanda Group, employs around 2,500 people in Poole and Portland.

Chief financial officer Mike McMillan said: “To oversee a 39 per cent increase in our underlying gross margin is testament to Sunseeker’s focus on the quality of business, and not simply revenue growth. We have worked hard to provide an exciting product range for our customers that can deliver increased levels of profitability, to fund further innovation and product development.”