The British boating Industry

[Guest]

As we are all getting into the mood here, I thought it might be worth listing a few figures. The following are mostly Nov/Dec 1999 results but illustrative anyway:

Fairline (subsidiary of Renwick group)
Turnover £63m Pre tax Profit £3.9m

Marine Projects (Princess + Moody yachts - also a subsidiary of Renwick Group)
Turnover £84m Pre tax Profit £6.9m

Sealine
Turnover £44m Pre Tax Profit £6.6m

Sunseeker
Turnover £103m Pre Tax profit £4.7m

Broom
Turnover not published & therefore less than £11m
pre tax profit £231k

Birchwood
Turnover £2.7m (disclosed as part of larger group)
Pre Tax loss £801k

I think these numbers put a number of discussions further down the forum in some context. I fear for Birchwood as if you can't make a profit in the relatively benign economic circumstances of 1999, its going to be tough now. Likewise, Sealine are doing something right as they seem to get more profit out of their turnover (per boat?) than the rest.

Nick

 

[Guest]

Re: hard work

hum this a bit revealing. I'll stay in software, and ease up on being nasty. Seems a bit crap only making 5% in a luxury market. But perhaps lots of jets, management fees, salaries, company boats, exps and other stuff to help depress PBT?

 

[jfm]

Re: dodgy numbers?

Certainly no freebies for management at Sealine (other than a wodge of sweet equity of course, MBO style)

But Nick, with respect to your CA status, they're maybe not the best figures. Turnover is comparable but with PBT you're comparing apples and oranges becuz the capital structures of these companies are fundamentally different. PBT is therefore meaningless as a basis for comparisons, you gotta compare at a higher line in the financials, use operating profit if necessary but EBITDA is best. Can you pull those figures from the docs you have and re-post?

JFM

 

[Guest]

Re: Earnings Before Insiders Took Dosh Away

Maybe. Could be tough to see this. Thought EBITDA all dodgy now, favoured by skinto dotcoms with no money, negative interest, and tax liabilities ie. look how how much money we could have had if it weren't for last year!

Op profit fairly reasonable non?

 

[Guest]

Re: EBITDA

-phew, thanks matt, I was breaking into a sweat over that set of initials. As a techie i was quite happy with the bottom line, thinking to myself "They're no fools at Brunswick bagging a cash cow like Sealine"

Cheers,
Richard.

 

[Guest]

Re: sealine/searay

the boat dealers would love everyone to do the nice dealer discounts offered by sealine. Searay have a relvatively high cost base for euro punters. Any news of shifting searay production to uk, or is it just a leavalone takeover?

 

[ari]

Re: sealine/searay

I'm not surprised Sealine can offer big discounts (or big part exchange allowances!). I was reading the Sealine 48 boat test in this months MBY and was staggered to realise that it is £5,000 DEARER than a Princess V50!!

 

[Guest]

Re: inflation

Agreed this a bit steep for ugliness. The base price of a fairline 48 in 1997 was £229k plus vat. So they're all doing ok at the moment.