Published: 19-05-2010
YCO Group plc, a leading provider of specialist services to superyachts, today announces its audited preliminary results for the year ended 31 December 2009.
After posting a loss in both 2008 and at the interim stage of 2009, the YCO team is delighted to have successfully reversed their position and brought the Group into profit, with strong growth in yacht management and better than expected performance in their brokerage divisions.
Charlie Birkett, Chief Executive, states to the press:
“2009 has been an important year of transition for the Group. Despite the backdrop of a very challenging environment for luxury tourism, YCO has completed a successful turnaround programme that has resulted in the Group reporting a maiden profit.
As a result of this turnaround, the Group has a great opportunity, with a strengthened management and service offering, to increase our share of the superyacht services market going forward. This combined with the continued, gradual recovery of the market leads us to approach the future with optimism.”
Financial Highlights
• Revenue of £24.7m (2008: £28.5m)
• Gross profit increased by 33% to £7.0m (2008: £5.3m)
• Profit before tax of £31,000 (2008: loss of £684,000)
• Better mix of revenue, reflecting stronger performance of YCO Brokerage, YCO
Management, YCO Crew Recruitment and Yacht Help Group
Operational Highlights
• Completion of group restructuring with new Chief Executive overseeing the
successful implementation of a cost reduction programme and the consolidation of Yacht Help Group
• Strong performance at YCO Brokerage, ahead of management’s expectations
• Increased number of contracted superyachts by 34% to 51 (2008: 38)
• Strengthened teams at YCO Brokerage and YCO Management, reflecting confidence in improving market conditions
• Yacht Fuel Services has maintained its leading position in the market and benefited from increased operating margins