boatingbusiness.com
OCTOBER 2022
News 1-11 | Person Behind the Face 6 | Business Matters 12 | People 26 | Profile 28
£1 BILLION ORDERBOOK
News
Boatbuilder milestone 13% rise Record quarter pages 1-11
Onboard Power
Princess Yachts has its biggest order book in the history of the company, valued at around £1 billion at retail prices. And while the company has a long waiting list with most build slots full until the end of 2024, the company says it is missing customers due to supply chain issues which are affecting the number of boats which can be built and which it terms as ‘galling’. The consequence is that while the boatbuilder is covering its costs, it is not making the profits it would like and is consequently looking to raise £20 million in capital to build a new facility. At a business update given at Southampton International Boat Show, Will Green, executive sales and marketing director, said that in April and May 2020, the company’s order intake halved due to the Covid pandemic.
8 Princess Yachts is suffering from supply chain issues
“We were extremely concerned,” he said. And being the largest company in a small city, faced additional pressure from local officials. In 2021, the company faced the ‘pingdemic’ and in 2022 has seen a shortage of raw materials, particularly specialist timbers, generators and engines. “We have been caught up with the supply chain,” said Will. “For instance, we placed an order for 300 generators and were granted 100 of them. This year’s been tough with OE equipment.” The knock-on effect is that while the company would like to build around 300 boats, the reality is that around 200 boats will be built in 2022 and customers are selling their used boats and making money.
Show receives ‘exceptional’ feedback Official figures show more than 83,000 people attended the 53rd Southampton International Boat Show with organisers, exhibitors, sponsors and visitors calling the show a great success. The show saw 685 stands and berths over a 70,000sqm footprint. More than 650 craft were on display across the show, with around 300 boats berthed in the marina. The show also saw 126 new companies exhibiting. “There has been a fabulous atmosphere at this year’s show and the feedback we’ve received from exhibitors from across the industry has been exceptional, with many indicating very
strong sales,” said Lesley Robinson, CEO of show organiser British Marine. “The show has put a real smile on everyone’s face with a fantastic mix of products, talks, entertainment and refreshments, plus our stunning new VIP experience.” However, she said the days of national mourning and the closure of the show on the day of the Queen’s funeral saw an expected impact on visitor numbers. Attractions included Get Afloat, Try-A-Boat and Try-A-Boat+ experience with 14,000 visitors taking to the water. In addition, there was a range of historic craft for visitors to explore and the Quayside Club VIP experience was a new addition.
Six years’ research Dependable batteries New gigafactory pages 14-20
Marina Equipment
Eco-concrete award Floating solar technology ATEX rated pages 22-25