These new models follow the S78, V50, V60, V65 and F70 models already launched in 2018.
The financial performance of Princess during the first half of 2018, combined with a full order book and new launches planned for the autumn, firmly places 2018’s expected performance on track to far outstrip 2017’s record result of revenue and to more than double EBITDA to historically high levels.
Thanks to the positive reaction in the market to its new models, Princess’s order book covers 100% of 2018 production and 75% of 2019 production, with significant orders even stretching into 2020. To respond, Princess has increased production volume by 30% to target almost 300 yachts this year.
Antony Sheriff, Executive Chairman of Princess Yachts, said: “The intensity of our new product programme has already brought outstanding results as customers relish the unique combination of craftsmanship, elegance, quality, performance and customer care that are core to every Princess yacht. These next six new models raise the bar much higher with unprecedented use of innovative technologies, materials, architectural concepts and design solutions; we hope to be setting the standard for yacht producers for many years to come.”
Financial success drives growth and innovation
The exceptional launch programme and financial result is underpinned by a five-year £100 million investment programme, now into its third year and fully on track. The investment recognises Princess’s strong, core market position but is directed towards driving innovation and growth across the business through desirable and innovative new products and technologies.
As examples, these include game-changing performance in the R35 Sports Yacht (Princess’s fastest ever boat designed in partnership with BAR Technologies and Pininfarina) and even plans for a brand new yacht segment and architecture on the water in the X Class ‘Super Flybridge’.
The investment has also supported the expansion of the management team, bringing in new experience from the luxury, high technology automotive sector such as lean manufacturing and product development techniques, an evolved Princess design language, customer-focused platform strategies, new yacht concepts and unprecedented new technologies. Princess’s five Plymouth shipyards have now seen significant advances in manufacturing thanks to the introduction of innovative technologies and processes.
To support the rapid growth, Princess’s workforce has increased by 700 since January, bringing the total to 2,900. It is anticipated to break through 3,000 in the next 12 months, a record level of employment for the company. As a result, Princess is investing heavily to train their craftsmen and craftswomen to ensure they can continue to hit the ambitious targets and superior levels of quality they set themselves and that define the brand.
Representing incredible value to the UK economy, over 90% of Princess’s yachts are exported to customers around the world. True to their motto of Crafted In Plymouth, over 80% of each yacht (excluding engines) is manufactured in the city, ensuring that Princess has control over the design, timings and most crucially, quality.
In an unprecedented move stimulated by its solid market position, the strong global economy and a growing pool of young wealthy customers, Princess Yachts has revealed six brand new yachts that will deliver new technologies and concepts to the sector.
The six new models each demonstrate significant advances in Princess’s core values of seakeeping, architecture, innovation, design, craftsmanship and quality, providing Princess with even more ammunition by which to grow segment share and profitability in the coming years.
R35: Innovation in technology, design and seakeeping are showcased in the revolutionary R35, the first Princess R Class performance sports yacht. The product of a collaboration with Ben Ainslie Racing Technologies and the Italian design house Pininfarina, the R35 pioneers the use of racing technology through a unique foiling system. Combined with the strikingly styled carbon fibre hull, the yacht delivers a totally new level of seakeeping, comfort and efficiency for both helmsman and guests.
F45: The F45 flybridge brings unparalleled space, design quality and flexibility to a compact flybridge yacht. It features a full beam owner’s cabin, extended flybridge and a unique electrically sliding transom that increases the size of the cockpit area at the touch of a button. Together with its elegant full-length hull windows, beautifully resolved surfacing, and unusual design detail, the F45 will establish itself as the Princess of small flybridge yachts.
V55: The V55 further strengthens Princess’s position in its V Class range of sports yachts. Its strikingly elegant and well-proportioned form is defined by long, flowing lines that extend the full length of the yacht and gorgeously sculpted design details. The V55 also includes an innovative hideaway patio door that quickly converts the V55 from a deck saloon to an open yacht.
V78: The V78 is the flagship of Princess’s V Class sports yacht range. This dynamic 37 knot yacht makes a bold design statement with large sections of hull glazing and an incredibly high specification of exterior styling and finishing. It is also surprisingly spacious for a large sports yacht with four large cabins and a dedicated stairway to the owner’s suite.
Y85: Craftsmanship and design are traditional Princess values. And the Y85 Motor Yacht is its finest example of this, showcasing a new level of detail design and use of luxury materials. This new Motor Yacht features the very latest in Princess design and styling and heralds a new era for the Y Class range. Elegant sweeping lines ensure this yacht has a striking presence on the water and traditional Princess architectural expertise provide an unprecedented use of space, a luminous cabin and innovative features such as its convertible open/closed galley.
X95 ‘Super Flybridge’: Occasionally a product comes to market that rewrites the rulebook of what a customer can expect; the X95 ‘Super Flybridge’ rewrites those rules for flybridge yachts by completely rethinking the architecture to develop a new concept in yacht design that redefines luxury living space. With its flybridge and main deck arrangement that span almost the full length of the yacht, the X95 offers unprecedented space and flexibility for a flybridge yacht. The X Class appeals to customers who wish to spend more time aboard to explore cruising grounds further afield. Just as luxury automotive brands have broadened their appeal by expanding their traditional sedan and sports car ranges to include spacious, versatile and sporty crossover concepts, Princess has revolutionised its range with the all-new X Class.