Luxury boatbuilder Oyster Yachts has sailed back into the black six years after being saved from collapse.
The Southampton-based company said it was profitable in the three months to the end of March 2024.
It follows heavy investment since the group was rescued by tech entrepreneur Richard Hadida in 2018. Oyster’s latest accounts show turnover rose 29 per cent to £56.4million in the 12 months to the end of March, 2023, but it still made a loss of £16.8million.
The company, which was set up in 1973, specialises in building 50ft to 90ft boats.
Hadida, who made his money through his tech firm Evolution Gaming, said: ‘Oyster is the pinnacle, the number one luxury yacht brand.’
The company is now run by newly appointed chief executive Ashley Highfield with Hadida as chairman. Highfield said he was ‘confident’ about the future.
