A Southampton-based luxury yacht manufacturer has returned to profit, according to financial results for January.

Oyster Yachts published these results after a substantial investment in their manufacturing facilities, staff and support services.

CEO Ashley Highfield expects the company's profit margins to broaden, a positive outlook for Q4 of 2024.

Financial data from 2022-2023 revealed a revenue increase of 29 per cent year-on-year, amounting to £56.4m.

Oyster launched a record 32 yachts in 2022, with all three Oyster shipyard - including at Hythe Marine Park - at capacity in 2023.

Owner and chairman Richard Hadida, who acquired Oyster in 2018, made a £14.5m additional investment to enable an expansion of the business.

Ashley Highfield, CEO of Oyster Yachts, said: “We are confident Oyster is now in a strong position and has the resources and facilities to service our vessels world-wide and provide owners with truly personalised support.

“Investing heavily in the founding principles of Oyster Yachts is translating into stronger business results, whilst offering owners a lifetime of adventure, backed up by truly world-class service and support.”