Oyster back in profit
Oyster Yachts has announced it is back in profit, six years after the company went under in early 2018.
Oyster returned to profit in January this year and expects to make an overall profit for 2024 following a 29% year-onyear increase in turnover to £56.4m. After launching 32 yachts in 2022, the shipyard says its build bays remained full for the 2023 financial year.
Oyster reports that over the same year the company grew its staff by a third, expanding its service network, refit, aftersales support, crew, and charter services, following an additional £14.5m investment by owner and chairman Richard Hadida.
Ashley Highfield, CEO of Oyster Yachts, said: “We are confident Oyster is now in a strong position and has the resources and facilities to service our vessels worldwide and provide owners with truly personalised support. Investing heavily in the founding principles of Oyster Yachts is translating into stronger business results.”
The British boatbuilders dramatically ceased operations on 5 February 2018 after the private equity firm which had been supporting the company withdrew its financial backing. It was swiftly bought by software entrepreneur Hadida, who poured millions of pounds of investment into the company.
Hadida also drove changes to the company including a streamlined range – and the introduction of smallest Oyster for many years, the 495 in 2022 – greater in-house control of design and manufacturing, and the introduction of Lloyd’s Register surveyors to instil consumer confidence after the Polina Star keel failure in 2015 (a contributing factor to the company’s previous financial woes).
The company also refreshed its marketing strategy. One of the key drivers of new boat sales has been the success of the Oyster World Rally, with around a quarter of new boat orders coming from Rally entrants.
Oyster has announced that entries will open for the 2028/29 rally on 18 June this year. The 2024/25 rally is currently underway and, remarkably, the 2026/27 rally is already full. Places are limited to 30 yachts for the 2028 edition, and organisers expect the 16-month tour to sell out swiftly.