Success propels Pendennis Shipyard

The successful diversification of its core business has generated over £4.5 million additional revenue for Pendennis Shipyard in the UK since its introduction, and as a result it has won the Best Diversification Award in Cornwall Enterprises? inaugural Cornwall Business Awards 2006 hosted on 18 May.

Pendennis Shipyard was created in 1988, employs over 200 staff constructing and now refitting private motor and sailing yachts from 30 to 52 metres. This award acknowledges the company?s successful implementation of its shift from purely new build to offering an additional refit strategy. The initiative, now in its second year is working at full capacity and taking advance orders into its new Refit Complex into 2008.

The successful diversification has resulted in a 380% increase in the number of yachts in the Pendennis yard from 2004. This increase in volume of work has grown turnover by 152% and profits by 260% in the same period. To meet this demand, the workforce has also grown by 24% in a single year.