Grand Banks Yachts reported its full-year 2025 financial results.
The company said revenue rose 21.4% to SGD$162.3 million ($126 million) for the year ended June 30, its highest level on record. The builder of the Grand Banks, Eastbay and Palm Beach brands also reported a net order book of SGD$156.6 million ($122 million) as of June 30, lifted by sales of 33 new boats and 13 trade-in or stock vessels.
The revenue increase was largely driven by the sale of nine trade-in boats, of which seven were sold in the six months ended June 30. The increase in revenue was also driven by the sale of two preowned boats and two stock boats in the second half of the year, compared to none in fiscal year 2024.
Net profit after tax slipped 14.8% year-over-year to SGD$18.2 million ($14.2 million), reflecting lower gross margins from trade-in sales, higher material costs and a weaker U.S. dollar. Gross profit margin narrowed to 29.9% from 38% a year earlier.
“Despite turbulent times, the group has delivered record revenue and sustained a strong order book, reinforcing its growth trajectory,” Grand Banks chairman Basil Chan said in a statement.
The company also advanced several strategic initiatives during the year, including the completion of a new composite manufacturing facility in Johor, Malaysia, and the acquisition of Newport Marina in Rhode Island to strengthen its U.S. footprint. CEO Mark Richards said in the statement that the builder launched three new models during the fiscal year, with more in the pipeline, positioning Grand Banks for its “next stage of growth.”
Looking ahead, management cited continued demand for boats but flagged risks from tariffs, interest rates and geopolitical uncertainty. The statement said that the group has assessed the impact of the revised tariffs announced by the U.S. government Aug. 1 on its existing contracts and concluded that they had no material effect on the financial results.
