16 Apr 2021
Despite the challenges of the Covid-19 pandemic the company’s year end results for 2020 show that Oyster is back in profit with a turnover of £19.8m and gross profit of £2.5m.
“The pandemic has inevitably caused a delay to the turnaround plan,” said chief executive, Richard Hadida in the company’s latest strategic report, “but this is now firmly back on track and I am building a business with a long term sustainable and profitable future for the next generation of Oyster owners.”
New models and strong sales
Since 2018 when gaming entrepreneur Richard acquired the business, 40 yachts have been sold and order books are full for the next two years. 2019 saw the launch of the new 565 and off-plan sales of this year’s new models, the 595 and 495, are strong.
In three years, Oyster has grown its skilled workforce from ten to 420 and created the Oyster Yacht Apprenticeship Academy to invest in boatbuilding skills, being voted Employer of the Year by City College Southampton.
The company has invested in new production and technology on board its yachts, investing in Lloyds certification to give buyers an assurance of quality. It has developed its existing sites in Wroxham and Southampton and opened new facilities at Ashmanhaugh and Hythe, increasing the company’s estate by 70% and staff numbers by a further 70. Historic site Hythe, once home to the Imperial Airways Empire Flying Boats, will be the home of the new 495 launching later this year.