PLYMOUTH, U.K. -- The financial year 2013 saw yet another strong financial performance at Princess Yachts, set against a background of aggressive competition in volatile markets.
Profit before tax for the year ended 31 December 2013 was £17.9 million (2012 £18.4 million) on turnover of £239.4 million (2012 £249.9 million). Net assets at the end of the year totalled £115.2 million, up £10.6 million from the previous year, with the company continuing to maintain a very strong balance sheet.
Continuing investment in the future of the business has laid the foundations for future growth. During the year, the company spent £10.4 million (2012 £9.5 million) on new product development, £2.0 million on new plant and equipment and maintained a workforce of over 2,000 people. All expenditure on new product development is written off in the year in which it is incurred and further adds to the robustness of the company's performance.
With new yachts continuing to be added, the breadth of the model range has clearly established Princess as an industry leader in all segments of the markets in which the business operates. The recently introduced range of M Class superyachts continues to grow, with two exciting new models due to be launched in 2015 to add to the award winning flagship of the range, the Princess 40M.
By any measure, the dawning of 2015 will mark a milestone in the company's history and will herald a year of celebration as we mark the 50th anniversary of the formation of the business in 1965. We are proud that a fledgling West Country boatyard, then known simply as Marine Projects (Plymouth) Limited, has grown into the global industry leader that it has become today. It all began with a boat known as Project 31 and has today evolved into what is arguably the finest range of luxury motor yachts in the world.