Companies House filings show Pendennis, the privately-owned yacht repair and refit group has witnessed a fall in turnover in the last reporting period
The Falmouth based yacht facilitator has reported pre-tax profits of £2.2m in 2014 down 12 per cent on the previous year.
Ninety per cent of the company’s turnover comes from exports, and it was this that fell from £37.2m to £36.9m in 2013.
The 27-year-old yard has confirmed that sales and profits dipped last year as it invested £9.5m last year building new offices and production halls spanning 50 and 90 metres for the refitting and repair of yachts.
In May, with financial backing from the European Union, the group completed a new wet basin able to accommodate yachts over 60 metres.