Grand Banks Yachts net profit plunges 61% in H1 FY2026

Its gross profit was dragged by the higher proportion of lower-margin trade-in/pre-owned boats and less favourable foreign exchange.

Grand Banks Yachts reported net profit attributable to shareholders of about $2.94m for the first half ended 31 December 2025 (H1 FY2026), down 61.2% from about $7.6m a year earlier, according to a filing.

Gross profit fell 19.3% to $17.536m, with gross margin narrowing to 24.6% from 32.4%, and operating profit declined 54.9% to about $5.3m.

The company attributed this to the higher proportion of lower-margin trade-in/pre-owned boats and less favourable foreign exchange.

It also reported a net order book of $144.7m as at 31 December 2025, compared with $156.6m at 30 June 2025.

Earnings per share declined to 1.57 cents from 4.05 cents, whilst revenue rose 6.2% to $71.4m.

Net cash used in operating activities was $14.2m for the period, compared with positive operating cash flow in the previous year, mainly due to higher working capital tied up in inventories.

Inventories increased to $44.9m from $28.9m as at 30 June 2025, reflecting additional demonstration boats and trade-in or pre-owned vessels held for sale.

Cash and fixed deposits stood at $24.161m as at 31 December 2025, whilst total borrowings were $10.6m and deferred consideration amounted to about $24.2m.

An interim dividend of 0.5 cent per share was declared, payable on 27 March 2026.