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Profit ahoy: Luxury boat builder Oyster Yachts was founded in 1973, specializing in building 50ft to 90ft boats
Luxury boat builder Oyster Yachts has returned to 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 technology entrepreneur Richard Hadida in 2018. Oyster’s latest reports show that turnover increased by 29 per cent to £56.4m in the 12 months to the end of March 2023, but the business still made a loss of £. 16.8 million.
Founded in 1973, the company specializes in building boats from 50ft to 90ft.
Hadida, who made his money through his technology company Evolution Gaming, said: “Oyster is the pinnacle, the number one luxury yacht brand.”
The company is now led by newly appointed CEO Ashley Highfield with Hadida as chairman. Highfield said he was “confident” about the future.