Grand Banks revenue hits 10-year high

Barry 2019-10-29

Seven new orders have boosted the Group’s order book to S$52.8m in the first quarter. 

Grand Banks has reported quarterly revenues of S$26.0m – 20.5% higher than the same period a year ago – and the company’s highest in 10 years. Profitability showed an even stronger improvement, with net profits after tax of S$1.68m, a 46.7% jump from S$1.15m in the first quarter last year.

The Singapore Exchange-listed builder of the Grand Banks and Palm Beach brands also announced a net order book of S$52.8m on the back of seven new orders, reflecting ‘strong demand for its luxury boat models’.

Operating expenses were flat, but the company’s gross profit margin slipped -8.1% to 23.7%, attributed to lower gross margin on a trade-in sale.

The Group noted that significant improvements in both revenues and profits over the past three years corresponds to the successful restructuring of operations undertaken over the same period.

Grand Banks Yachts will introduce the new Palm Beach 70 at the Ft Lauderdale boat show while continuing to build its American presence through the company’s Florida service and marketing facility. This is the first of a line of bigger models Grand Banks said it plans to debut within the year, namely the Palm Beach GT60 and the Grand Banks 54.

CEO Mark Richards also suggested the company was benefitting from the market trend towards bigger boats and said the Group’s latest boat models are attracting strong demand.

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