Palm Beach 50
We spent a lot of time and resources beefing up the Group’s
product lines and processes. We cut obsolete manufacturing
techniques and streamlined operational efficiencies across our
Australian and Malaysian yards, both of which will be running
at close to maximum efficiency by the end of the financial year
ending 30 June 2017.
We introduced new machinery and robotics to speed up
production, and used a variety of raw materials to build even
better yachts. Our boat components are now assembled
concurrently by multiple teams instead of one after another.
This speeds up production without compromising on quality.
DEAR SHAREHOLDERS,
It has been almost two years since I took the helm of Grand
Banks Yachts Limited (“Grand Banks” or “the Group”). During
this time, everyone in the Group has been working hard to
integrate the operations of Grand Banks and Palm Beach
Motor Yacht Co Pty Ltd (“Palm Beach”) and to bring out the
best in these two brands.
Many of you know that I came on board after Grand Banks
acquired Palm Beach in August 2014. At the time, Palm
Beach was running at full capacity. Following a restructuring
exercise to drive synergies between the two brands, Palm
Beach has been able to scale up even further. This helped
steer the Group back to profitability in the financial year ended
30 June 2016 (“FY2016”).
“We believe we are poised for stronger growth
over the next 12 months as we tap renewed
boat interest across multiple geographies and
consolidate our leadership in the international
yachting industry.”
MARK J. RICHARDS
Executive Director & CEO
04
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
CEO’S
MESSAGE
