Grand Banks Yachts Reports Record Revenue in FY2026

Singapore-Listed Builder Completes Strategic Plan for production, Sales, Marketing, and Customer Experience.

Singapore-listed Grand Banks Yachts has reported a strong and active Fiscal Year 2026 (FY2026), which ended on 30 June 2026. The company achieved record revenue in FY2026 and completed a strategic investment plan focused on manufacturing, sales, marketing, and customer experience.

GBY invested in facilities across Malaysia, Europe, and the US during the year, while maintaining strong sales performance, a robust order book, and continued product development, expanding its global presence.

Key financial highlights include:

• Revenue increased 6.7% year-on-year to an all-time high of S$173.2m in FY2026
• Gross profit margin improved to 30.0% in 2H FY2026 from 28.1% in 2H FY2025, driven by a higher proportion of new build-to-order boat sales. Full-year gross profit was S$48.1m compared to S$48.5m in FY2025, primarily due to trade-in and pre-owned boat sales, along with unfavorable foreign exchange movements. Consequently, FY2026’s gross profit margin declined to 27.8% from 29.9% in FY2025
• Net profit after tax of S$13.4m (FY2025: S$18.2m), reflecting increased investments in manufacturing expansion, sales, marketing, and customer experience
• Cash and fixed deposits declined to S$19.8m as of 30 June 2026 from S$51.5m as of 30 June 2025, while non-current assets increased to S$110.6m from S$81.8m, primarily due to property purchases and upgrades in the US and Malaysia, modifications to Palm Beach XI, new product development, and higher inventories
• 18 new boat orders and nine trade-in and pre-owned boat orders secured in FY2026; net order book of S$136.4m as of 30 June 2026 (30 June 2025: S$156.6m). The strong order book reflects new model launches, and the group will continue focusing on growing its order book, sales pipeline, and pursuing efficiencies across its expanded global platform in FY2027
• Total operating expenses rose to S$29.7m in FY2026 from S$23.9m in FY2025, mainly due to increased headcount and payroll, depreciation, financing costs, brokers’ commissions, and marketing expenses, as the group expanded participation in boat shows – including four in Europe (FY2025: one) – and events
• Earnings per ordinary share for FY2026 was 7.18 Singapore cents compared to 9.79 Singapore cents in FY2025, while net asset value per ordinary share increased to 62.38 Singapore cents as of 30 June 2026 (30 June 2025: 54.75 Singapore cents)
• Proposed final dividend of 1.0 Singapore cent per ordinary share, bringing total dividend for the year to 1.5 cents per ordinary share (FY2025: 0.5 cents)

While Singapore-listed, GBY operates its shipyard in Pasir Gudang, Johor Bahru, Malaysia, just across from Singapore. Its luxury boat brand portfolio includes Grand Banks, East Bay Yachts, and Palm Beach.

The group said: “The accelerated construction of new boats increased revenue for the six months ended 30 June 2026 (2H FY2026) by 7.1% to S$101.8m from S$95.1m in 2H FY2025. On a full-year basis, revenue rose 6.7% to S$173.2m from S$162.3m in FY2025.”

Global Footprint Expansion

At the Pasir Gudang facility, the group purchased and installed new equipment and machinery while revamping the factory layout to optimize operational efficiency.

In FY2026, the group made several strategic investments to extend its platform, focusing on manufacturing capability, customer experience infrastructure, brand elevation, global marketing, and new model development.

At the Newport marina, 11 new waterfront apartments were completed, and the facility is being progressively reconfigured to accommodate larger vessels, while a new Owners’ Club has been established.

The GBY facility in Stuart, Florida, has been significantly enhanced, with expanded berth capacity and service capabilities, while a new sales and service office opened in California.

In Europe, GBY opened a dedicated marketing office in Sanremo, Italy, complete with three demonstration boats, strengthening its brand presence in the European market.

Product Development

Three new boat models were launched in FY2026: the Palm Beach 107, Grand Banks 73, and Palm Beach GT70. Two existing models – the GT50RS Outboard and the Palm Beach 85 Skylounge – were also enhanced. Pre-orders have been secured for all three new models, and the group is progressively moving into production.

GBY is also adding innovations to its recently acquired 30m (100ft) supermaxi craft SY Palm Beach XI. Further improvements, including carbon fiber keel technology – a world-first in offshore racing – have been incorporated, reinforcing the boat’s dual role as a technology incubator and high-profile global brand platform.

Outlook

Demand for luxury boats remains resilient in the US, the group’s primary market, while encouraging early signs of recovery are evident in Europe, despite challenges including geopolitical uncertainty, higher fuel costs, inflation, supply chain disruption, and the evolving US tariff environment.

Sales inquiry and new order activity has been strong into Q1 FY2027, with six contracts signed and several under negotiation.

With the major investment cycle now largely complete, capital expenditure is expected to moderate from FY2027. The significantly enlarged non-current asset base is positioned to generate new and recurring revenue streams from service fees, storage, berthing, and brokerage commissions, supplementing the core boat-building business.

Basil Chan, chairman of GBY, said: “In FY2025 and FY2026, we took bold decisions to expand our manufacturing in Malaysia and build our presence in the USA, our biggest market, with the acquisition and upgrade of the Newport marina.

“We also elevated our global branding with the acquisition of Palm Beach XI which will also provide the platform for technology enhancements. These are long term strategic investments that will take us to the next level of our global ambitions.”

GBY CEO Mark Richards, remarked: “Our focus in FY2026 was to build on the transformational foundation established in FY2025 and complete a deliberate, two-year asset growth and investment strategy designed to position the Group at the forefront of the global luxury yacht manufacturing market.

“The strategic decisions we have made from investment in new products and manufacturing capabilities to elevated brand, marketing, and technology platforms, have all been designed to further build brand value and prestige and elevate our clients’ ownership experience.

“In FY2026,” he added, “we launched three new models, all of which secured pre-orders, with several additional models progressing through the development pipeline.

“With the major phase of this investment program now largely complete,” he explained, “we look forward to the next stage of our growth strategy, with a continued focus on refining our upper management team structure, strengthening sales and marketing processes and data flow throughout our production facility, and driving greater integration across the business as a whole.

“These investments also position the group to focus more strongly on expanding in Europe, the world’s largest luxury yacht market, and to drive further sales growth and realise greater returns in the years ahead.”