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Princess Yachts reveals record financial results

The Plymouth-based yard broke several records in 2018, with its financial results, yacht sales and employment levels at an all-time high

Booming yacht sales led to record financial results at Princess Yachts in 2018, according to the yard’s latest financial results, which were released last week (May 30).

Both the turnover of £340million (up 24% year-on-year) and operating profit of £30million (up 173% year-on-year) are new records for Princess, while its £700million of forward orders stretch into 2020.

The yard’s employment drive has continued, with 3,200 people now on staff (50% more than after its 2016 restructuring ) with recruitment taking place across the board, from design to manufacturing, engineering to management.

Apprentices continue to play a key part in Princess’s success – 40 new apprentices started in 2018, and a 100% retention rate after qualification means that 4% of its workforce are former apprentices.

Antony Sheriff, Executive Chairman of Princess Yachts, said: “I am really proud of what the Princess team has achieved in 2018. Their focus and dedication enabled Princess to build on the previous two years of solid financial figures and beat 2017’s record results. The team launched six stunning new luxury yachts while growing revenues to over one third of a billion pounds.”

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“These strong financial figures will enable us to build upon our unique, highly integrated infrastructure in Plymouth and invest even more in advanced technologies, new yachts and quality levels across design and production. We continue to forge ahead in our vision to be not just the highest quality, most innovative and successful luxury yacht manufacturer in the world, but also a great British employer.”

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Plymouth's Princess Yachts makes record £30m profit

Luxury boat manufacturer has stellar year and pipeline looks buoyant well into 2020

• 09:15, 6 JUN 2019
• Updated 15:18, 11 JUN 2019

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The Plymouth-based luxury boatbuilder Princess Yachts has announced record profits of £30million, as its remarkable turnaround continues.

The company, which found itself in the red in 2015 and only three years ago announced it would cut 350 jobs, showed a £30million operating profit in 2018 on turnover of £340million.

The Stonehouse headquartered company has set new records for yacht sales and employment and is celebrating its most successful year in its 54 year history with f orward orders worth £700million and stretching through 2020

Financial results for the 12 months to December 31, 2018, show record turnover of £340.3million, up £65.9million, that's 24% on 2017. There was also a record operating profit before exceptionals of £29.8million, up £10.9million, or 173%. EBITDA (earnings before interest, tax, depreciation and amortization) for 2018 was £32.8m up from £14.9millio in 2017.

In 2018 Princess hit a record high for employment of 3,200. Recruitment has taken place across the business from engineering to exterior design, manufacturing to management, making Princess one of the UK’s largest specialist manufacturers. Princess also increased investment in its successful apprenticeship programme with 40 new apprentices brought into the business; apprentices now make up 4% of the workforce with a 100% retention rate following qualification.

In 2016 Princess Yachts brought in Antony Sheriff, former managing director of supercar manufacturer McLaren Automotive, as executive chairman, and pumped in a £100million investment. The company’s five boatyards in and around Plymouth are working at capacity.

“British industry is known for its craftsmanship,” Mr Sheriff said. “But there’s nothing like what we do here at Princess Yachts. We have craftspeople that make every part of the boat, apart from the electronics and engines. “This gives us unique control over quality. We make our boats for boaters – they’re not just floating gin palaces.” He said they were now “the preeminent in UK luxury yacht brand, and possibly the world”.

Princess makes yachts in the 35ft to 130ft range. Over the past three years the company has  launched 16 new models, with more on the slipway.

 “The yachting industry isn’t known for innovation,” Mr Sheriff said. “I have come from a background of supercars, where the concept of having no innovation was foreign.” The newest innovation is the R35, a 50-knot speedster built of carbon fibre, with a “active foiling” technology more familiar from racing yachts. They work with Italian designers Pininfarina, Isle of Wight naval architects Olesinski and a 100-strong in-house team.

More about Princess Yachts

Mr Sheriff said they had drawn up contingency plans for Brexit, but in the meantime a week pound was helping exports. Half of the boats built in Plymouth are sold in Europe, including the UK, a quarter go to the Americas, and a quarter to the rest of the world. Some foreign customers were holding off because of uncertainty about future tariffs, he said. But international sales continue to provide strong growth. At the Düsseldorf Boat Show in January this year Princess took orders for 21 yachts . Prices range from £300,000 to £17million. The company is now eyeing the Chinese market.

Princess Yachts’ exceptional figures were based on a combination of strong sales at the industry’s three biggest global boat shows – Cannes, Fort Lauderdale and Düsseldorf – and new levels of interest in the brand driven by increased investment in design and technology, progressive new global retail partners, and innovative marketing activity. 2019 began in equally buoyant form with strong orders secured at the 2019 Düsseldorf Boat Show in January.

The focus on luxury slots neatly into the portfolio of the majority shareholder, the French businessman Bernard Arnault, whose LVMH group owns brands including Louis Vuitton, Christian Dior and Veuve Clicquot.

Princess has continued to invest in a sustainable strategy to ensure that the business continues to drive forward product innovation and its manufacturing capabilities. As a result £14.7million (2017: £8.9millioon) was invested back into product development in 2018. With more than 75% of each yacht manufactured in Plymouth, Princess continues to invest in its UK sites, adding capital expenditure of £9.0million to the additions in 2017 of £3.7million.

To help drive this plan HSBC UK Bank plc and National Westminster Bank plc have refinanced Princess Yachts, backed by L Catterton (a partnership between Catterton, LVMH and Groupe Arnault), as part of the growth of the business, having constructed a multi-year funding facility as of May 16, 2019.

To keep up to date with Plymouth Live's latest news, follow us on Facebook  here  and Twitter  here  , or visit our homepage at  www.plymouthlive.com

To contact William Telford: [email protected]

• Manufacturing
• Most Recent

By SuperyachtNews 14 Feb 2023

Princess Yachts sold to US investor

Britain’s largest luxury yacht builder has been bought by a us-based private equity firm  ….

Plymouth-based Princess Yachts , the UK's largest luxury boatbuilder, has been sold to KPS Capital Partners, a US-based private equity firm. L Catterton, the previous private equity owner, put Princess up for sale in 2022 and reportedly hired bankers at Macquarie to find a buyer. In February 2023, Princess confirmed that KPS had entered into a definitive agreement to acquire a controlling equity interest in the business.

KPS is a New York-based private equity giant with approximately $14.4 billion of capital under management, as of September 2022. It makes controlling equity investments in manufacturing companies in North America and Europe. In 2019, KPS acquired the fitness equipment business of Brunswick Corporation, including the Life Fitness brand, for $490 million in cash.

Existing shareholders will retain ownership in Princess, with the transaction expected to be completed in the first quarter of 2023. Princess had previously announced expansion plans in the South West region of the UK, as part of the successful bid by Plymouth city council to create a freeport. The company believes that the new investment from KPS will help support these plans and reinforce the unique national and international marine capabilities that reside in Plymouth and the wider region.

The Princess business was founded in 1965 and distributes through a 50-strong global network. It had been backed by L Catterton and its predecessor entity since 2008. KPS's investment in Princess will accelerate the company's growth trajectory and fund numerous investments for its future. Ryan Harrison, a partner of KPS Mid-Cap Investments, says, "We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in the British tradition, a remarkable and growing product range, and world-wide reputation for quality and innovation."

Antony Sheriff, Princess Yachts' chief executive, adds, "We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the company's future while continuing to further strengthen our portfolio of best-in-class motor yachts. With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position."

The partnership with KPS gives Princess Yachts access to KPS's manufacturing expertise and its experience investing in leading brands. This is expected to help Princess accelerate a range of growth and operational initiatives to build upon its long and successful history. KPS's investment in Princess Yachts is a testament to the company's strength, quality, and innovation in the luxury yacht industry. It also reflects the growing confidence in the superyacht market, as seen by the increasing number of investments in this sector.

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Operating loss of £30m for Princess Yachts

Princess Yachts made an operating loss before exceptional costs of £30m in 2022, with a revenue of £315.2m.

The company’s accounts show a loss before tax of £43.3m and an EBITDA loss of £25.7m.

However, the boatbuilder says there is a solid order book and this, together with new financial and operational support from KPS Capital Partners will provide the opportunity to form a foundation to move forward and expand the Princess brand.

In his strategic report, CEO Will Green points out there was a surge in demand across its range in 2021, tempered by a backdrop of unprecedented supply chain disruptions that led to loss of volume and inefficient build of yachts. The supply chain disruption continued in 2022.

In November 2022, the directors and shareholders entered into an agreement with KPS to secure investment.

The transaction was concluded in March 2023 with an equity / cash injection of £53.7m, however during this period, manufacturing operations were adversely affected.

Despite challenging operational performance, the product strategy has continued with three new boats launched in 2022 and a further three planned for each of 2023 and 2024.

Total product development in 2022 was £14.7m, with the boatbuilder saying continued intensity will help it grow global market share in the 35ft to 100ft category.

Initiatives

As at July 2023, the deposited order book is in excess of £750m, stretching into 2025.

Princess Yachts continues to carry on with its sustainability initiatives, focusing on hull efficiency and space efficiency.

Improvements in hull efficiency have exceeded 20% from one generation to the next.

The boatbuilder is also experimenting with alternative, more sustain materials in the fit out of the boats as well as improvements in the footprint of producing boats.

Other external factors continue to be monitored, including the Russia / Ukraine war and the impact of the UK’s inflation.

• boatbuilding
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• Luxury Yacht
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Most Popular

Luxury British yacht company Princess Yachts Ltd has exceeded $1bn (£750m) in revenues as orders for the first time in its 53-year history. The L Catterton -owned company also announced financial results for 2017 were a record turnover of £274.4m, with an Operating Profit of £7.9m.

Executive chairman Antony Sheriff announced in London that Princess had seen exceptional sales at last year's Cannes, Fort Lauderdale and Düsseldorf boat shows , and plans to capitalise on its success in 2018 and 2019 with multiple new yacht launches, building the company's fleet to a total of 23.The Plymouth-based company has also hired more than 500 staff members to keep up with the manufacturer's growth, including creating a robust internship programme.

“This has been a landmark year in the history of Princess. We have a clear vision to be the highest quality, most innovative and best luxury yacht producer in the world and it is gratifying to our highly skilled and dedicated 2,700-strong team that the market has responded in tune with our efforts," said Sheriff. "With our exciting launch plan this year of unique and exceptional yachts, coupled with our unprecedented $1 billion order book which stretches well into 2019, 2018 is set to be another record year in sales and profits for Princess Yachts.” >>

Related: These super fast yachts are providing owners with a whole new power trip

Earlier this year, Princess celebrated the launch of three new models, the V50, V65 and S78, with six additional launches by the end of 2018. One of these includes the revolutionary R35, a carbon fibre sports yacht which features a world-first Active Foil System, which improves the model's fuel efficiency and hydrodynamic stability, and was developed in collaboration with BAR Technologies.

“We pride ourselves on creating yachts of exceptional design and quality. Now, working together with BAR Technologies we are thrilled to be working on a brand-new fully carbon fibre yacht that will deliver an exhilarating experience through bold innovation and cutting-edge technology," Sheriff said. "We are confident this entirely new class of yacht, which is one of the most exciting and revolutionary products Princess has developed will become this year’s most sought-after product.”

Princess Yachts intends to continure this technological innovation, trickling new discoveries into its fleet and is particularly devoted to making improvements to its eco-friendly output in partnership with the Marine Consercation Society . The company was acquired in 2008 by L Capital 2 FCPR, an investment group co-sponsored by LVMH and Groupe Arnault, which in 2016 merged with Catterton to become L Catterton. 

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Princess Yachts motors to record profit amid boom in global wealth

Devon-based luxury boatmaker has growing order book after dip in pound and rise in optimism

Princess Yachts has reported record annual revenue for 2017, bolstered by the booming global economy and foreign buyers attracted by the fall in the pound since the Brexit vote.

The Devon-based company expects 2018 to be even better after taking on 500 workers at its Plymouth shipyard to meet “exploding demand” from global customers who pay up to £18m for a luxury boat.

Revenue for the year to the end of December jumped 27% to a record £274.4m as orders streamed in from the US, Asia and Europe as well as the UK. As a result, Princess swung to an operating profit before exceptional costs of £7.9m from a loss of £7m the year before.

The company’s order book stands at £750m and its workforce has jumped to 2,700 from about 2,200 at the start of 2017. Princess delivered 230 boats in 2017 but it has been selling them at a rate of about 300 a year.

Antony Sheriff, its executive chairman, said business was booming because its wealthy customers felt more confident about spending their money amid strong global growth. Princess was capitalising on this demand with new models, better technology and improved customer care, he added.

“The macroeconomic situation, other than recent rumblings of trade wars, is one where the market continues to grow and people are feeling very optimistic,” Sheriff said. “We are going to increase production by about 25% and we have hired 500 new people to meet exploding demand.”

He said the pound’s fall since the 2016 Brexit vote had made his firm’s boats more attractive for international buyers. The Trump administration’s tax cuts have also brought the US market back to life, Sheriff added.

“If someone is paid $1m a year and instead of being taxed $400,000 they are taxed $300,000 they know they are going to make more money and, if they already have the inclination, they will go out and buy a boat.”

Princess’s range starts at £300,000 for the V40, a 13m motor yacht with two double cabins. Its most expensive model is the 40m, three-deck 40M, which costs £15m, or £18m including VAT if bought in the UK. Princess delivered one 40M last year and sold two more.

Sheriff declined to give examples of his customers, describing them only as “rich people”. He said: “We don’t tend to have customers who like to show off their boats moored in marinas with flashing lights.”

Orders are strong in Europe, Hong Kong, the Middle East and South East Asia, with interest picking up in mainland China, he added. Despite Britain slipping down the global growth rankings , UK orders are steady but Russia and Ukraine have less demand.

Princess’s growing order book highlights the growing disparity between the rich and the global poor . Sheriff said more people were becoming wealthy, adding: “Once you’re in that category you can afford to buy a yacht”.”

With US sanctions imposed on Russian oligarchs and heightened concern about the UK’s role in absorbing Russian wealth, Sheriff said: “We do know-your-customer very carefully on all our customers to make sure we stay within the realms of the law.”

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American fund KPS sets sail with purchase of British yacht-builder Princess

KPS Capital Partners, a former backer of golf equipment maker TaylorMade, is to acquire a controlling stake in the Plymouth-based luxury yacht builder Princess, Sky News learns.

City editor @MarkKleinmanSky

Monday 13 February 2023 12:26, UK

Britain's biggest luxury yacht-builder is being sold to new private equity backers 15 years after it last changed hands.

Sky News has learnt that Princess Yachts, which is based in Plymouth, is being sold to KPS Capital Partners, a US-headquartered investor which specialises in owning manufacturing businesses.

Sources said a deal could be struck as soon as this week.

Among KPS's previous investments was TaylorMade, the global golf equipment maker.

Princess was put up for sale last year even as a string of the world's most valuable private vessels were being seized by governments clamping down on their sanctioned Russian owners.

L Catterton, the consumer goods-focused private equity group, has owned Princess since 2008.

The yacht-builder was founded in 1965, and distributes through a 50-strong global network.

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It is said to have a robust order book and roughly £300m in annual revenue.

Princess's boats have become symbols of luxury among the world's super-rich, although during the pandemic, it negotiated a cash injection from its controlling shareholder, as well as a refinancing of its debt.

None of those involved in the deal could be reached for comment on Monday morning.

Press Releases

KPS Capital Partners to Acquire Controlling Ownership of Princess Yachts

Investment will Accelerate Company’s Growth and Innovation

New York, NY  (February 13, 2023) -- KPS Capital Partners, LP (“KPS”) announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, (“Princess Yachts” or the “Company”), a leading global manufacturer of luxury motor yachts.  Existing stockholders will retain ownership in the Company.  Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.

Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, “We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation.  KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future.  We look forward to working with Princess’ existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts.”   

Antony Sheriff, Chief Executive Officer of Princess Yachts, said, “We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts.  KPS and the Princess Yachts team are deeply committed to investing in the Company’s future while continuing to further strengthen our portfolio of best-in-class motor yachts.  With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position.  Together with KPS’ tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation.  Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.  Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.  For additional information, please visit www.princessyachts.com .

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023).  For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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• Feb 14, 2023

Princess Yachts Purchased by U.S. Investor

Britain's largest yacht manufacturer has been purchased by a U.S. private equity firm.

Princess Yachts , who have been a figurehead in Plymouth, England since their launch in 1965, was made available for purchase by private equity group L Catterton in 2022, who purchased the brand in 2008, and have now been acquired by U.S. based KPS Capital Partners .

The deal will provide KPS with a controlling interest in the company once the agreement is finalized in the first quarter of 2023. Terms of the deal were not disclosed.

In a press release , Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, "We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation. KPS' investment will accelerate Princess' growth trajectory and fund numerous investments for its future."

"We look forward to working with Princess' existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts," he added.

Antony Sheriff, Chief Executive Officer of Princess Yachts, also stated, "We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the Company's future while continuing to further strengthen our portfolio of best-in-class motor yachts. With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position."

"Together with KPS' tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation. Under KPS' ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history."

KPS is based in New York and has an extensive portfolio in manufacturing assets across North America and Europe. The firm currently holds approximately $14.4 billion of capital under their management.

This is not KPS' first foray into marine acquisitions, although their first purchase was only tangential. In 2019, KPS purchased the fitness equipment business owned by Brunswick Corporation , who are the marine industry's largest conglomerate and own such brands as Mercury Marine and Sea Ray, for $490 million. KPS also holds stakes in Briggs & Stratton , the world's largest producer of gasoline engines for outdoor equipment, and Autokiniton Global Group , a major automotive parts supplier.

Princess Yachts, meanwhile, is currently holding a flush order book of over $1.1 billion and recently unveiled a new flagship model - the Princess Y95 . The company experienced record sales over the last two years, taking over 300 orders in 2021 alone and requiring the company to expand manufacturing capability at their shipyard. They currently employ over 3200 people across five different manufacturing facilities around Plymouth, England.

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Princess Yachts addresses its future after huge losses

P lymouth’s Princess Yachts has insisted its future remains bright despite posting a £69m pre-tax loss. The company blamed inflation and supply chain issues which meant it couldn't build as many boats.

But the luxury boat maker stressed it had orders to manufacture more than £750m of vessels. The Stonehouse-headquartered firm has already received deposits for these boats and said the work will stretch through 2025 and into 2026.

Nevertheless, Princess Yachts (Holdings) Ltd, in its newly published accounts for 2022, described the year as “disappointing”. It saw revenue drop by £22.8m, a 7.3% decline, to £289.6m and its loss, even before exceptional costs were taken out, deepened by £27.5m.

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The company described sales as “healthy”, however, and pointed to demand continuing to outstrip supply. But it stressed that major disruption to the supply chain severely impacted production resulting in a negative EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the first time since 2020.

This fell by £25.9m to a deficit of £12.6m. The overall pre-tax loss was £69.3m, a huge increase on the £19.2m loss it made in 2021.

Princess Yachts said 2022 started with major disruption to its supply chain which severely impacted its ability to return to “stable and efficient production levels”. It mainly had problems getting hold of large components such as engines, generators, electrical panels and air conditioning equipment, which in many cases arrived several months late and even halted production lines.

Will Green, Princess Yachts’ new chief executive, said: “2022 was, operationally, a difficult year for Princess with major disruptions to our supply chain significantly affecting our ability to deliver the planned boat volumes. This was especially disappointing as, commercially, we continued to enjoy strong sales and as a result, a very healthy order book that stretches into 2026 for some models.”

The company, which employs more than 3,000 people, was taken over by New York-based KPS Capital Partners in March 2023. The acquisition impacted the 2022 and first-quarter 2023 financial results as Princess Yachts went through the sale.

However, KPS injected a significant amount of cash into the company to help unlock some of the supply chain and capacity issues. It has also approved a multi-million pound investment into the expansion of the South Yard facility.

Princess Yachts said the support from the American firm “provides a sound foundation to move forward through the second half of 2023”and will enable it to accelerate a range of “growth and operational initiatives”. Princess Yachts stressed that strong investment in updating its product range has driven much of its commercial success and product development remains the strategic focus in 2024 and 2025.

Six new models were launched in 2022, three new models in 2023 and a further four have now been announced for 2024. The company said its decision to continue to invest in new products throughout the uncertainty of the Covid pandemic has been rewarded with continued commercial growth and a forward order book that stretches beyond 2025 for several models.

The company increased its product development spend to £14.4m, from £11.6m in 2022 and said this will help it maintain and grow its global market leadership in the 40-100ft yacht market. It said the new F65 model, unveiled at the 2022 Southampton Boat Show, had almost 70 pre-orders before launch.

Mr Green added: “The fresh financial and operational support from our new owners will now help us build upon this order book and 2023 has focused on building the operational infrastructure to support this commercial success with increased volumes and the quality standards our customers demand.

“We believe we have the strongest product range in the industry today and maintaining that strength is a key focus of ours and that of our shareholders going forward. With the operational expertise that KPS brings, I am confident we can build a very successful future for Princess and for the family of distributors, suppliers and employees that support us”.