boatingbusiness.com
APRIL 2022
Business Matters 10 | Marketing 18 | Profile 26 | People 28
REVENUES UP AT OYSTER YACHTS In-house new boat production revenues have grown by almost 50% year-on-year for the first three years of Oyster Yachts Ltd business. The company’s accounts for the year ended 31 March 2021 show revenues were £10m during the first year of operations and grew to £22m in the financial year 2021 (FY21) and are again expected to grow more than 50% in the financial year 2022. Like others, the boatbuilder suffered with the Covid-19 impact during FY21, closing all production facilities for several weeks. The impact has also been felt with lower levels of efficiency within production due to Covid-restrictions and also Covid related supply issues and the availability of parts. The company embarked on a turnaround plan for the business in 2018 which has involved investment in new yacht design and development, new manufacturing and production equipment and technology and increased marketing. Turnaround plan However, the pandemic caused a delay to the turnaround plan and a delay to the move into profitability. In contrast, demand for Oyster yachts has remained strong with the company’s turnover growing from £19.8m to £25.7m. The company also has a strong orderbook for new yachts across all models into 2024 – production for 2022 is 100% covered and is 85% covered for 2023. 2021 saw the launch of the Oyster 595 – the fastest selling of an Oyster ever with almost 20 sold off plan – with the 495
Boat shipments up Production expansion Shipyard acquisition pages 1-9 8 The Oyster 595 is the fastest selling Oyster of all time
launching in February 2022 and the Oyster 885GT due to be launched in Summer 2022. During 2021 and 2022, Oyster has grown and enhanced its production capability with increased capacity brought online at its facility in Wroxham and a new facility set up in Hythe for the Oyster 495. At the year end, Oyster had almost 400 employees in the UK – up from 300 at the end of FY20. The company has also established its Oyster Academy for its 2021 intake of apprentices. The boatbuilder made a gross profit of £4.5m (2020: £2.5m) with an operating loss for the year excluding exceptional costs of £4.9m (2020: £8.2m). Gross profit margin improved to 17%.
Group Beneteau revenues up Group Beneteau’s 2021 revenues are up 11.9% with an income of €95.8m. The figures represent a rise in income of 7.8%, over 2019 pre-Covid profitability with growth expected to continue into 2022 and revenues up between 11% to 14%. The improvement includes an increase of €14m for the Boat division. Figures include an additional insurance compensation for operating losses relating to a cyber attack from February 2021 (€10m), a further reduction in sales and marketing costs and overheads of €6m, and a positive change in exchange rates. “2021 was a particularly intense year in terms of human, industrial, commercial and logistics challenges, which our teams successfully rose to,” said Jérôme de Metz, chairman and CEO. “Thanks to a clear strategy, the interest in boat use that is taking shape on all of its markets, and its outstanding teams,
NEWS
the Group successfully got back on track for profitable growth, enabling it to look ahead to a dynamic year in 2022.” Full-year earnings before interest, taxes and depreciation and amortisation (EBITDA) for 2021 came to €181.6m, representing 14.8% of Group revenues, with an EBITDA margin of 15.6% for Boats. Net cash at December 31, 2021 came to €222m, up €129m for 2021 after taking into account external growth investments and the acquisition of two yards in Portugal. Boat sales increased by 10.7% compared with 2020, driven by the motorboat segment - growth of 17.5% - and sailing fleet sales - 18.1% growth. The US saw sales growth of 50%. The Group has limited exposure to the direct effects of the Ukraine-Russia conflict with no industrial facilities in Ukraine, Russia or Belarus or any suppliers that it is dependent on. Orders for these countries represents less than 1% of its global order book.
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