British yacht manufacturer Sunseeker is set to achieve revenues this year, as announced during a press conference at the Cannes Yachting Festival. In 2024, the company is expected to reach approximately £342 million in revenue, a six percent increase from the £326 million generated in 2023.
According to Sunseeker CEO Andrea Frabetti, this will represent the highest earnings figure in the company’s history, marking a significant turnaround from the downturn experienced in 2020 due to the Covid-19 pandemic.
Frabetti mentioned, “Our strategy has been to expand the number of products in our range from 11 in 2019 to 21 currently, catering to various sizes and niches in the market,” as a way to lift the company out of its recent challenges. He also discussed plans to increase the product range in Sunseeker’s portfolio to 23 in the near future, focusing on enhancing the company’s high-end superyacht offerings following the positive reception of new models like the Ocean 156.
The company also reported efforts to enhance product margins through vertical integration and improved production efficiency, which Chief Financial Officer Dean Lawler stated has been essential in strengthening Sunseeker’s profitability. “We’ve made significant changes and investments in boat profitability, and moving from margins of 4.3 percent in 2021 to eight percent in 2023 has been an outstanding achievement,” he said.
Since its unveiling in September 2022, the Ocean 156 has secured 15 orders.
The improved margins have enabled Sunseeker to increase its EBITDA by over 60 percent in 2023, reaching £20 million compared to £12.1 million in 2022, which is being utilized to maintain momentum into 2024.
In the first seven months of this year, Sunseeker has generated £175 million in revenue, up from £167 million during the same period in 2023. This result has brought the yard’s current order book to a value of £546 million (€644 million), backed by a network of 75 dealer locations across 66 countries.
Lawler remarked, “This is a position we haven’t been in for some time, emerging from the pandemic years. We’ve got the right products, the right dealers, and the right markets to achieve that level of profitability, giving us a strong sense of optimism for the future of Sunseeker.”
Looking ahead, Lawler anticipates an additional £30 million in investment over the next three years, continuing the yard’s £40 million investment plan announced at last year’s Cannes Yachting Festival.