The YCO Group plc have announced preliminary trading results for 2009. The group encompasses divisions in superyacht brokerage, management crew recruitment, fuel supply and ships agency work.
Last year saw many changes, with former superyacht Captain Charlie Birkett taking over the helm as CEO towards the end of the year and working alongside fellow former Captain and now Executive Director and Managing Partner, Gary Wright, to turn the group around.
After posting a loss in both 2008 and at the interim stage of 2009, the group has successfully reversed their position and brought the Group into profit, with strong growth in yacht management and better than expected performance in the brokerage divisions.
Financial Results
- Revenue of £24.7m (2008: £28.5m)
- Gross profit increased by 33% to £7.0m (2008: £5.3m)
- Profit before tax of £31,000 (2008: loss of £684,000)
Operational Achievements
- Completion of group restructuring with new Chief Executive overseeing the successful implementation of a cost reduction programme and the consolidation of Yacht Help Group
- Stronger performance at YCO Brokerage, ahead of expectations
- Increased number of contracted superyachts by 34% to 51 (2008: 38)
- Strengthened teams at YCO Brokerage and YCO Management, reflecting confidence in improving market conditions
- Yacht Fuel Services has maintained its leading position in the market and benefited from increased operating margins