Oyster Yachts has achieved an increase in revenue and a decrease in its EBITDA loss in its most recent financial year.

According to the financial results for the year ending on March 31, 2024, the company reported a turnover of £61.7 million, a significant increase from £51 million in the previous year. The gross profit also showed improvement, reaching £3.9 million compared to a loss of £1 million in 2023.

Before exceptional costs, the operating loss for the year stood at £12.8 million, showing a reduction from the £17.3 million loss recorded in 2023.

These results mark the beginning of the company's turnaround under the leadership of owner and CEO Ashley Highfield.

Ashley Highfield mentioned in his report, "Since April 2023, we have observed a consistent growth in revenue from new yachts, accompanied by increasing profit margins and achieving positive EBITDA in certain months. We are committed to further investing in our yachts to ensure they offer the ultimate experience on the water."

The company faced challenges at the start of the year due to ongoing global supply chain issues that affected production efficiency. These challenges were compounded by rising inflationary pressures throughout the period.

Ashley highlighted in his report that despite the challenging environment, the company remained focused on its long-term business plan.

Under Ashley's leadership, the company underwent a restructuring with him transitioning from the role of chairman to interim and then permanent CEO in February 2023.

Oyster Yachts continued to see sales growth across its range of yachts, from the 495 model to the 885 model. The company's revenue increased to £61.7 million, marking a 21% rise from the previous year, which itself had seen a 29% increase over the year before.

Additionally, Oyster Yachts improved its gross profit to £3.9 million, a significant turnaround from the £1 million loss in 2023, and reduced its EBITA loss by 21%.

Despite facing production and support challenges, the company managed to maintain full capacity in its build-bays during the period.

The report also noted that a shortage of skilled labor in the UK led to longer production times for yachts and delayed revenue recognition.

Oyster Yachts continued its investments in production facilities and technology to enhance customer service and support.