The signs of revival are now clear. In May 2024, Oyster announced it had returned to profitability as of January the same year, with expectations of a full-year profit for the 2024 financial year. This announcement follows a challenging few years in which the builder faced persistent operating losses—£9.7 million in 2022, and £18.9 million in 2023 (excluding exceptional items). The company had blamed ongoing post-Covid supply chain disruptions, labour shortages, and increased input costs for the downturn.
Despite these setbacks, the 2023 financial year saw a 29% increase in turnover, pushing total revenue to £56.4 million. While losses were still recorded during that period—reportedly £16.8 million in the 12 months to March 2023—the foundations were clearly being laid for a stronger financial position in 2024. According to Oyster, all build bays were full throughout the 2023 year, following the launch of 32 yachts in 2022, suggesting robust forward orders and a return of customer confidence.
Highfield’s commentary in the company’s 2024 European Spring Update offered a more bullish view: “We’ve returned to profitability and closed our most successful sales year to date, with a record number of yachts sold and strong demand continuing into 2025.” He attributed the turnaround to the quality of Oyster’s yachts, improved global service delivery, and support from its international customer base.
At the heart of this turnaround is Richard Hadida’s investment strategy. Since acquiring the company in 2018, Hadida has poured money into modernising Oyster’s production infrastructure, growing its skilled workforce, and enhancing customer support. The aim was not only to bring back the brand’s prestige but also to futureproof it for a new generation of owners. His approach has included expanding the digital presence of the company, revitalising its ownership community, and improving aftersales engagement—critical factors in building customer loyalty at the top end of the market.
Oyster’s new-generation yachts, such as the 495 and 885 models, have resonated strongly with buyers who want both bluewater performance and high-spec luxury. The builder’s focus on semi-customisation, high-quality British craftsmanship, and long-distance sailing capabilities has proven to be a winning formula, especially as the pandemic triggered renewed interest in extended offshore cruising and self-sufficient lifestyles.
The post-Covid period hasn’t been easy for any manufacturer, and boatbuilders with complex, global supply chains have been among the hardest hit. Oyster’s ability to weather the storm and now emerge stronger is particularly noteworthy. According to Highfield, the business is now “in excellent shape,” with not just improved margins but a clearer vision of future growth.
Looking ahead, the company appears poised for continued success, with strong demand already flowing into the 2025 order book. If the brand continues to deliver on both product quality and owner experience—as it has over the past two years—it may well prove that its 2018 collapse was not the end, but a reset.
For the luxury yacht market, which continues to face global economic uncertainty and shifting customer expectations, Oyster Yachts’ rebound offers a compelling case study in resilience, reinvention, and the power of leadership.
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