Grand Banks closed its financial year on 30 June 2026 with revenue of S$173.2m (US$136.8m), the best in the Singapore-listed builder's history and 6.7% up on the year before. Net profit, meanwhile, was lower: S$13.4m (about US$10.6m) against S$18.2m, down 26.5%. Management calls the difference the price of a two-year programme of building and buying that ran through FY2025 and FY2026. The numbers were released at the end of August, and the trade press published them between 28 and 31 August.
What happened: why profit fell
Gross profit barely moved in absolute money: S$48.1m against S$48.5m. The margin on it slipped from 29.9% to 27.8%, because revenue grew faster than gross profit did. The company points to a heavier share of trade-in and pre-owned boats, which it earns less on. Currency movements did not help either. In the end the second half came out better than the first. The financial year ends on 30 June, so that is January to June 2026. Gross margin came back to 30.0% there on more build-to-order work, after 24.6% in the six months to December.
But that is not the main point. The main point is that operating expenses rose 24.1%, from S$23.9m to S$29.7m, a rise the company links to its two-year programme of developing new production facilities and offices. Profit before tax fell 29.4% to S$18.0m. The board still proposed a final dividend of 1.0 Singapore cent and held the full-year payout at 1.5 cents, level with FY2025.
| Figure | FY2026 | FY2025 | Change |
|---|---|---|---|
| Revenue | S$173.2m | S$162.3m | +6.7% |
| Gross profit | S$48.1m | S$48.5m | −0.8% |
| Gross margin | 27.8% | 29.9% | −2.1 percentage points |
| Operating expenses | S$29.7m | S$23.9m | +24.1% |
| Net profit | S$13.4m | S$18.2m | −26.5% |
| Earnings per share | 7.18 Singapore cents | 9.79 cents | −26.7% |
| Net order book | S$136.4m | S$156.6m | −12.9% |
The investments named in the results
Chief executive Mark Richards treats the two years as one plan. By Marine Industry News's account, Richards says the group spent FY2026 building on "the transformational foundation established in FY2025" and completed "a deliberate, two-year asset growth and investment strategy." The aim was to put the group at the forefront of global luxury yacht manufacturing. Chairman Basil Chan, quoted in the same report, calls the spending long-term and says it will "take us to the next level of our global ambitions."
The investment went into five places, starting with the yard. Pasir Gudang in Johor, Malaysia, the group's main manufacturing site, got new machinery and a new factory layout. It had already grown by a quarter in March 2025, when a dedicated composite facility opened there. Most of the others are in the United States. Casey's Marina in Rhode Island, bought in June 2025, now has eleven waterfront apartments, reconfigured berths and an owners' club announced in June 2026. Newport Beach in California got a sales and service office, and Stuart in Florida more berths and service capacity. Sanremo in Italy got a marketing office with three demonstration boats.
Order book down to S$136.4m
The net order book counts boats under contract but not yet delivered. It stood at S$136.4m (about US$107.7m) on 30 June against S$156.6m twelve months earlier. Over the year it took 18 new-boat orders and nine for pre-owned or trade-in boats, which suggests deliveries ran ahead of new orders. Three models launched in FY2026 and all three took pre-orders: the Palm Beach 107, the Palm Beach GT70 and the Grand Banks 73. Two others were refreshed, the GT50RS Outboard and the Palm Beach 85 Skylounge.
By the results date the company had signed six contracts in the first quarter of FY2027 and said more negotiations were running. The United States is its strongest market. Europe, on the company's own account, is showing early signs of recovery. That is what Sanremo was opened for.
Photo: Grand Banks Yachts / GB Marine Group. Source: Grand Banks Yachts, Marine Industry News, Trade Only Today, Marine Business World, SuperYacht24.
