Yacht builder Grand Banks Yachts announced that its FY2023 net profit after tax rose more than 2.5 times to $10.1 million on revenue of $114.2 million, up 51.9% y-o-y on the back of higher production. Both revenue and net profit are at a 10-year high. As a result, the company announced a 1 cent dividend.
For the six months ended June 30, 2023 (2HFY2023), Grand Banks recorded net profit after tax of $6.5 million, up 37.9% y-o-y, underpinned by higher 2HFY2023 revenue of $64 million, up 55.7% y-o-y.
Gross profit margin rose to 35.4% and 32.2% in 2HFY2023 and FY2023, respectively (vs 26.6% in FY2022).
Grand Banks secured 19 new boats and one trade-in, compared to 31 new orders for FY2022. Its net order book fell to $159.4 million as of June 30, compared to $182.9 million a year ago.
Grand Bank Yachts closed at 31 cents on Aug 28, unchanged for the day and down 3.13% year to date.
