Oyster Yachts sails back to profit after remarkable turnaround
The luxury yacht manufacturer sailed into the black with a 29 per cent year-on-year increase in turnover to £56.4 million in 2023. Hadida has invested heavily in the business to guarantee its long-term future.
The company achieved a profitable month in January and expects an overall Q4 profit for the year ending 2024. Recently appointed CEO Ashley Highfield has also highlighted major investments to enhance the customer experience, plus upgrades to the Oyster World Rally.
The company returned to profit following heavy investment in manufacturing facilities, staff and new support services. The company makes blue water sailing yachts; after launching a record 32 yachts in 2022, Oyster maintained full occupancy of all its shipyard’s build bays during FY23.
During that time, it grew staff by a third to increase skills and production capability across its three UK manufacturing sites: Saxon Wharf and Hythe Marine Park in Southampton and Wroxham in Norfolk.
It also expanded its customer services, with a global service network, refit operation, unrivalled after-sales support, crew, and charter services. Hadida, the owner and chair made a £14.5m additional investment to enable the expansion of the business.
This led to a successive record year for production, brokerage sales, and charters, as Oyster looks to continue building market share and consolidate its position as the go-to luxury blue water yachting brand.
The investment in new models, facilities and customer services explains an underlying operating loss of £16.8m in the YE23 accounts – during the fifth year of renewal for the business since Hadida stepped in to save the brand.
Ashley Highfield said: “Margins have continued to grow, and we have achieved positive EBITDA in recent months, which we expect to continue. We are increasing investment in our yachts, with focus on flawless quality and craftsmanship, to ensure they deliver unforgettable adventures where lifelong memories are made.
“We are confident Oyster is now in a strong position and has the resources and facilities to service our vessels world-wide and provide owners with truly personalised support.
“Investing heavily in the founding principles of Oyster Yachts is translating into stronger business results, whilst offering owners a lifetime of adventure, backed up by truly world-class service and support.”
With the Oyster World Rally 2026-27 already fully subscribed, it has recently announced the Oyster World Rally 2028-29. With only 30 places, demand is expected to be high.
The Oyster World Rally is a unique, fully supported circumnavigation of the planet, covering 27,000 nautical miles, 27 destinations, and 16 months in a single adventure, exclusively for Oyster owners. Oyster Yachts have completed over 20 million blue water sailing miles and over 100 circumnavigations.
