However, gross profit margins fell from 24.6% to 20.9% on the back of the production of new boat models that required more man hours per boat to construct for the first few hulls.
Operating expenses fell slightly to $2.4 million, while other non-operating expenses decreased from $0.2 million to $0.1 million on lower foreign exchange gains.
Grand Banks said that its current order book of $44.5 million is its highest in 8 years and a testament to the success of the integration of its Palm Beach and Grand Banks brands. Amid the expected growth in demand for luxury goods among the increasing numbers of high net worth individuals, the group added that it will continue to develop new boat designs and tap mature markets like US, Europe, Australia and Asia to grow.
The group did not declare any dividends for the current financial period.
Shares in Grand Banks closed at 26 cents on Thursday.
