Revenue grew as new-boat construction accelerated

Grand Banks recorded FY2026 revenue of S$173.2 million, compared with S$162.3 million in FY2025. The company attributes the increase mainly to faster construction of new boats, partly offset by lower revenue from trade-in and pre-owned yacht sales.

That mix matters because new-build activity gives a clearer indication of demand for the group's current models. Grand Banks, Eastbay and Palm Beach Motor Yachts all compete in premium production-yacht markets where order timing and construction capacity directly affect annual revenue recognition.

Profit fell while the group invested in expansion

Net profit after tax declined to S$13.4 million from S$18.2 million a year earlier, while operating expenses rose to S$29.7 million. Grand Banks links the increase to payroll, depreciation, broker commissions, marketing and wider participation in international boat shows.

The group has also invested in manufacturing equipment, US properties, product development and owner-service infrastructure. Those costs weigh on short-term earnings, but the strategy is intended to create more capacity and recurring revenue from service, berthing, storage and brokerage.

The order book remains substantial despite being lower

Grand Banks ended FY2026 with a net order book of S$136.4 million, down from S$156.6 million at the previous year-end. The company says the book included 18 new-boat orders and nine trade-in or pre-owned orders, with a higher average value for new builds.

For the LYG market, order-book quality can be more informative than unit count alone because larger and more highly specified yachts carry greater value. A smaller number of higher-value contracts can therefore support production even when overall unit demand is more selective.

Investment has expanded owner support in key regions

During the investment cycle, Grand Banks expanded berthing and service capacity in Stuart, Florida, opened a California sales and service office and established a European marketing presence in Sanremo. The company has also invested in its Pasir Gudang manufacturing base in Malaysia.

These moves are relevant to owners because after-sales coverage increasingly influences purchase decisions in the 12-to-24-metre sector. Stronger regional service access can make long-distance cruising and resale easier, particularly for owners moving yachts between North America, Europe and Asia.

Official sources: links.sgx.com; marineindustrynews.co.uk.