British yacht manufacturer Sunseeker is poised to record revenues this year, the yard announced during a press conference at Cannes Yachting Festival. In 2024, the yard is projected to reach an estimated £342 million in revenue, up six per cent from £326 million generated in 2023.
According to Sunseeker CEO Andrea Frabetti, it will be the highest earnings figure in the company's history, marking a significant shift from the yard's downturn in 2020 caused by the Covid-19 pandemic.
"Our strategy has been to grow the number of products in our range from 11 in 2019 to 21 [currently], covering all different sizes and niches in the market," Frabetti said on lifting the yard out of its recent period of difficulty. He also outlined plans to raise the number of products in Sunseeker's portfolio to 23 in the short-term, with a focus on developing the yard's top-end superyacht offerings following the positive reception of new models such as the Ocean 156.
The yard also reported on its efforts to increase product margins through vertical integration and enhanced production efficiency, which chief financial officer Dean Lawler said has been critical in bolstering Sunseeker's profitability. "We've made substantial changes and investments in boat profitability, and for us to go from margins of 4.3 per cent in 2021 to eight per cent in 2023 has been an incredible performance," he said.
The increased margins have helped Sunseeker increase its EBITDA by more than 60 per cent in 2023, reaching £20 million from £12.1 million in 2022, which it is using to keep up momentum into 2024.
The first seven months of the year have seen Sunseeker generate £175 million in revenue, up from £167 million at this same point in 2023. The result has driven the yard's current order to book to a value of £546 million (€644 million), supported by a network of 75 dealer locations in 66 countries.
"This is a place we haven't been for some time, coming out of [the pandemic years]," said Lawler. "We've got the right products, the right dealers and the right markets to deliver that level of profitability, which has given us a great sense of optimism for the future of Sunseeker."
Looking ahead, Lawler anticipates another £30 million in investment over the next three years, continuing the yard's £40 million investment plan that was announced at the previous year's Cannes Yachting Festival.