Pendennis Shipyard, the Falmouth-based superyacht builder and refitter, has reported a 7.4 per cent rise in group turnover to £97.4m for the year ended 31 December 2025, boosted by the first full year of consolidation of a boatbuilding business it took control of in 2024.
Pre-tax profit at Pendennis Shipyard (Holdings) Limited fell to £4.7m over the same period, down from £6.8m in 2024. Turnover in the previous year was £90.7m.
The group said the increase in turnover was related to its acquisition of Cockwells Modern and Classic Boatbuilding Limited. It said it had absorbed the integration and support costs of the acquisition in the reported results.
Pendennis pointed to two further factors affecting its net margin. The first was the increased cost of operating in the UK, where the group said its cost base has been reset for 2026.
The second was one-off contract losses of £695,964 on completed contracts in the group’s joinery division. The group said these losses had been fully provided for in the period ended 31 December 2025.
A statement accompanying the results said: “The company continues to invest in staff training and development beyond the apprentice training by providing existing staff with access to graduate programs.
“The directors believe that by providing employees with strong career prospects, a continued investment in management information systems together with the facilities upgrades, in combination will provide a world class offering to meet and exceed clients’ expectations.”
Pendennis designs, manufactures and retrofits luxury yachts. Founded in 1988, the company employs more than 550 skilled tradespeople.
Pendennis announced in September 2024 that it had taken a majority interest in Cockwells, a boatbuilder based at Mylor Creek Boatyard near Falmouth. Financial terms were not set out in the announcement.
At the time, Pendennis said the two companies had worked together for many years, with a number of Pendennis superyachts commissioning customised tenders from Cockwells. Cockwells builds Duchy and Hardy semi-production vessels alongside bespoke superyacht tenders.
Pendennis said then that its group comprised the Falmouth shipyard, a marina and technical service centre near Barcelona, Pendennis Vilanova, and a bespoke interior manufacturer, Norfolk Interiors.
Toby Allies, managing director of the Pendennis Group, said at the time of the deal: “Cockwells shares many of the values that are integral to the Pendennis Group and serves many of the same customers and contacts. Partnering with Cockwells will expand Pendennis’ offer to our client base within the superyacht sector.”
Dave Cockwell, the founder of the business, said in the same announcement that the company had grown from renting space at Underfall Boatyard in Bristol with one apprentice to operating three sites in Cornwall with more than 140 employees. Pendennis said Cockwells would continue to operate independently under its existing management team.
Cockwells has since announced a new management team as Dave Cockwell steps back from the business, Marine Industry News reported last week. Henry Ward, Jack Carr and Tim Tregear will lead the company, supported by Pendennis as majority shareholder.
Stephen Hills, commercial director of the Pendennis Group, said: “Following Dave’s decision to step back from the business, we look forward to working with a new team at the helm who will navigate Cockwells to its next stage of success.”
According to the report, Cockwells now employs 130 staff and marked its 30th anniversary with a flotilla of its boats on the Carrick Roads in Falmouth on 10 October.
