Grand Banks Yachts has reported a 14.8% y-o-y lower earnings of $18.2 million for the full year 2025 ended June 30. For the 2HFY2025, earnings declined 26.3% y-o-y to $10.7 million.
The group’s revenue for the FY2025 came in 21.4% y-o-y higher at $162.3 million, and up 38.6% y-o-y for the 2HFY2025 to $96.1 million.
Earnings per share came in at 9.77 cents for the full year, down 15.6% y-o-y.
The board of directors have proposed a final dividend of 1 cent per ordinary share, maintaining the total dividend at 1.5 cents per share for the year
The group says that its increase in revenue was largely driven by the sale of nine trade-in boats in FY2025, of which seven were sold in 2HFY2025 compared to none in FY2024. The growth in revenue was also driven by the sale of two pre-owned boats and two stock boats sold in 2HFY2025.
Grand Banks Yachts says that due to the large number of trade-in boat sales which typically have lower margins, higher production hours, higher material costs and weakening of the US dollar, gross profit for 2HFY2025 and FY2025 declined.
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Meanwhile, total operating expenses increased 10.9% y-o-y to $23.9 million in line with higher revenue.
Net cash from operating activities rose to $31.2 million in FY2025 as inventories and contract assets declined while contract liabilities, payables and provisions rose, partially offset by higher prepayments. Cash and fixed deposits grew to $51.5 million as at June 30.
The group reported a net order book of $156.6 million as at end June 30, lifted by orders for 33 new boats and 13 trade-in/stock boat orders.
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The group says that no material effects are expected from the revised tariffs announced by the US government on Aug 1, and demand for luxury boats remains healthy despite short-term headwinds.
Shares in Grand Banks Yachts closed flat at 50 cents on Aug 28.
