British Fairline Yachts celebrated the 50th anniversary of the brand in 2017 with a turnover growth of 144%. Profit was £24.1 million, which is £14.2 million more than in 2016. Such data leads portal International Boat Industry, analyzed the most recent financial statements of the company for the British Unified state register of legal entities.
In the UK profits rose by £2.1 million, in other European countries, almost £4.9 million, in other countries — almost £7.2 million.
The cost of production of the shipyard in 2017 has increased from £12.9 to £28.1 million
As for the losses for the last fiscal year Fairline also recorded £8.8 million net loss (excluding taxes). This £3.3 million more than in 2016. The company in General satisfied with the performance.
“The Board of Directors believes that it is reasonable result that allows us to grow, to scale the size of the operational changes and the status of assets acquired from Fairline Boats”, — quotes IBInews report of the company.
Gross loss of the company amounted to £4 million (in 2016 — £3 million), operating loss of £9 million (£5 million in 2016).
As at 31 December 2017 Fairline Yachts talked about £6 million of the share capital, but the figure changed to £8.3 million, after accounting for £14.3 million profit and loss. To solve this problem after the end of the year existing shareholders were issued a total of £14.2 million of new loans.
In addition, in June and October 2018, a portion of the outstanding at the reporting date credits, and credits issued after the end of the year have been capitalised within the company, resulting in the authorized capital amounted to £14 million and £5 million respectively. The balance of capital at the time of preparation of these financial statements (November 16 this year) was £25 million.
“2017 was the second year for the company (after the purchase of Russian investors — approx. ed.). The brand turned 50 years old and the speed with which the company was able to grow, to develop its dealer network and to release a variety of award winning new models, reflects the strength of the brand and its heritage. The second year was impressive,” the report says.
New legal entity Fairline launched in 2016, the company “promised to offer an updated product portfolio”. His word Fairline Yachts kept. Already in 2017 out of 53 Squadron and Targa 63 GTO. And in 2018, followed by the Targa 43.
As a result of cooperation of the Italian designer Alberto Mancini (Alberto Mancini) with Danish naval architects of Vripack and the Slovenian engineering and design Studio J&J was developed by F-Line Squadron 33 and 64. Boats will be released in early 2019.
“At the time of report preparation (November 2018) was received about 20 orders for these two models. F-33 built in Bundle (Northamptonshire, England), 64 Squadron — at the shipyard in Southampton (England), acquired at the end of 2017 site, called the Fairline Marine Park,” reads the report.
Early next year the company plans to continue investing in Fairline Marine Park within the second phase of the development program. Production here began in August of this year. This was an important event for Fairline.
“The Builder not only allows the company to build boats longer than 18 meters, but also provides an opportunity to triple production capacity, creating a solid Foundation for future growth,” the report says.
As regards Fairline, its staff nearly doubled, from 223 people in 2016 to 406 by the end of 2017.
“Returning its position in the market by providing a platform for future growth, the company is now focused on optimizing business processes and profit from operations,” continues the report.
For this next year, Fairline, for example, implementing a new system of enterprise resource planning (ERP, Enterprise Resource Planning).
“This vital investment reflects the very sorry state of IT systems inherited from Fairline Boats. For 2019, the company will competently move to an effective integrated platform,” the report says.