Princess Yachts has been in business since 1965.

A luxury yacht builder has surged back into profit and its sales jumped by more than £100m as hundreds of jobs were cut because of Chancellor Rachel Reeves’ Budget.

Plymouth-based Princess Yachts has reported a revenue of £378m for 2024, up from the £276.3m it achieved in 2023, according to new accounts filed with Companies House .

The results also show that the firm made a pre-tax profit of £4.9m for the 12 months, recovering from a pre-tax loss of £23m in the prior year.

However, Princess Yachts’ headcount was cut from 3,146 to 2,889 employees in 2024.

In December, chief executive Will Green wrote to staff blaming market conditions and Chancellor Rachel Reeves’ first Budget for the reductions.

In the letter, the CEO said the year

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