Southampton-based sailing yachts builder Oyster Yachts has reported a return to profitability after a challenging period, bolstered by a surge in turnover during 2023, with reports suggesting a successful financial quarter ending March 2024.

The firm has recently shown signs of significant progress after enduring financial challenges. Despite reporting a loss of £16.8 million in the 12 months leading up to March 2023, the company witnessed a 29% increase in turnover, reaching £56.4 million in the same period.

After launching a record 32 yachts in 2022, Oyster Yachts says it also maintained full occupancy of all its shipyard’s build bays during the 2023 financial year, as well as growing its staff by a third across its three construction sites in the UK: Saxon Wharf and Hythe Marine Park in Southampton and Wroxham in Norfolk.

This development follows a period of restructuring and investment efforts initiated after facing financial difficulties. Owner and chairman Richard Hadida, who acquired Oyster Yachts in 2018, made a £14.5m additional investment to expand the business after saving it from collapse.

Looking ahead, Oyster says it expects an overall profit for the 2024 year. 

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