SUNSEEKER CEO, ANDREA FRABETTI SETS THE COMPANY ON A NEW COURSE UNDERPINNED BY MAJOR PRODUCT DEVELOPMENT PLAN

July 2, 2019

Current Sunseeker range to double in size to 22 models over the next three years

Andrea Frabetti, Sunseeker’s newly appointed CEO has announced a major new product development plan for Sunseeker International.
 
Working closely with Chief Financial Officer (CFO), Mike McMillan and Chief Operations Officer (COO), Michael Straughan to form a new Strategic Committee, the plan also focuses on further developing the framework for the business and driving the Sunseeker brand forward to even greater success, aided by a £50million CAPEX investment across 5 years.
 
The Strategic Committee will continue to work alongside executive colleagues Adrian Powell, Sean Robertson and Sian Dodds building on the trading success of 2018 and delivering a more product-facing organisation structure and a robust global distribution network.
Andrea has wasted no time in his new role of CEO in announcing this plan, following the resignation of Christian Marti last week, a decision that was made due to personal reasons. With over 25 years of marine industry experience, Andrea is embracing his new role to focus on accelerated product development, working in close collaboration with Sunseeker’s in-house Design department.

In support of this momentous announcement, Mike McMillan, CFO highlighted the anticipated positive financial results for the 2018 year stating “Sunseeker’s Group revenue continues to rise but much more  importantly, gross profit has increased by over a third due to a significant improvement in gross margins and consequently there has been substantial growth in retained profits. Most encouraging is the progression of our underlying business results which is encouraging and a credit to the Sunseeker team.”
 
Sean Robertson, Sales Director commented: “New and exciting products breed growth in this market and the response we have received for our latest models has been nothing short of incredible. We are confident this is going to continue as we are making a considerable investment across the business to support a bold product development plan that will see the current range doubling in size to 22 models during the next three years which, allowing for older models being phased out, will involve 27 updated or entirely new models being introduced.
 
Andrea Frabetti, CEO concluded “These new models will include new product segments as well as improved differentiation between various lines. To enable this, we are actively developing our existing footprint as well as seeking new facilities and partnership opportunities. Most importantly, our 2,500 colleagues across the business remain intrinsic to our future success; retaining and further enhancing the quality that they deliver with such passion daily will remain key.”