Princess 88 Motor Yacht's international debut - and builder reveals 2012 financial results
by Risa Merl
UK-based yacht builder Princess Yachts International debuted its new 88 Motor Yacht at the Southampton Boat Show, and the builder has also released its 2012 financial results.
The Princess 88 Motor Yacht features a new hybrid hull shape designed for long range and efficiency inspired by lessons learned from Princess' World Superyacht Award-winning flagship, the Princess 40M Imperial Princess. The 88 features a deep-V hull design and is constructed using the latest resin-infused technology.
‘We have further developed our resin infusion technology, which allows the yacht’s hull construction to have a very high strength to weight ratio – on the 88 Motor Yacht this is further extended to the deck, coachroof and floor structures,' says David King, chairman and co-founder of Princess Yachts International. 'In addition, the integrated hull stiffening gives us greater interior volumes. This allows us to design a hull that retains all the seakeeping qualities for which our motor yachts are renowned and also gives significantly increased fuel efficiency across a wide range of cruising speeds while still retaining the ability to achieve high maximum speeds as required.’
The Princess 88 Motor Yacht can be specified with a powered balcony that folds down from the starboard side deck on the main saloon. Layout options include four or five en suite cabins, and either two or three crew cabins and a mess area aft the engine room.
Just after the Southampton show, Princess Yachts International plc announced its financial results for 2012. The yacht builder's profit before tax for the year ending 31 December, 2012, was £18.4 million. While this was down from its profit of £20.5 million in 2011, Princess notes that its growth in turnover has resulted in further market share the potential for further growth. Its turnover in 2012 was up to £249.9 million from £228.6 million in 2011, and net assets at end of year totalled £104.6 million compared to £92.9 in 2011.
During the econonic downturn, Princess has continued to invest in facilities and new products. In 2012, the builder launched the largest yacht it has ever built, Imperial Princess, and has secured more orders for this 40M model. Princess reports it will soon begin the first phase of construction of state-of-the-art production facilities at its new shipyard at Devonport South Yard in a £35 million investment programme that has received support from the UK government's Regional Growth Fund.