Maritimo forecasts 25 per cent growth as demand ramps up

A family-owned luxury superyacht builder is ramping up its operations in expectation of a wave of demand from around the world, with turnover of $100m forecast.

Tom Barry-Cotter doesn’t need to think for too long whenever he’s asked about his imagined career path if he wasn’t part of his family-owned luxury superyacht building business.

“Growing up I liked Top Gun and it would be pretty hard to get me out of one of those fighter jets. But what I’m doing now is a pretty good gig,” he said.

The head of design and managing director of Gold Coast-based business Maritimo Australia, Mr Barry-Cotter – who’s possessed with a need for speed is also a champion powerboat racer – said business was strong with a wave of new orders over the past few years.

Maritimo recently loaded six vessels, weighing 180 tonnes and costing $US18m ($A28m) to be shipped to the US and will ship another seven luxury motor yachts worth $US21m ($A33m) stateside in January.

The company is forecasting a $100m turnover in 2022-23, up 25 per cent on the previous 12 months and they expect another 25 per cent jump in revenue in 2023-24 before plateauing.

Australia and the US each account for 40 per cent of Maritimo’s sales while the remaining 20 per cent is taken up by New Zealand buyers and a growing number from other countries.

Maritimo M55 being loaded for shipment to the US.

Maritimo’s headquarters at Coomera – where its 300 plus staff design, build, sell and service the luxury motor yachts – is in the centre of the $1bn Gold Coast boat building industry.

For many businesses the Covid pandemic provided a jump start for the luxury motor yacht market and Maritimo – which was founded by Mr Barry-Cotter’s father Bill in 2003 – was no exception.

Mr Barry-Cotter, 34, said they have had to “aggressively” recruit staff – including training dozens of apprentices – to keep up with the work.

“We've been very busy during and post Covid. With people not being able to travel, and a big influx of money, boating was seen as something they could do,” he said.

“Fortunately, before the pandemic we did an aggressive R & D ramp up and developed a whole new range of boats.”

Hand built by craftsmen, Maritimo offers luxury motor yachts in four distinctive Series – the M-Series Flybridge, the S-Series Sedan and the X-Series Sport, and the Offshore Series- ranging in size from 15m to 23m.

Their current best selling vessel is the Maritimo M55 which they launched last year at the Sanctuary Cove Boat Show, breaking records for new orders.

Their latest, the Maritimo M75 Flybridge Motor Yacht was launched this year and they have had a wave of presales with customers prepared to wait for their dream vessels.

Martimo managing director Tom Barry-Cotter.

Mr Barry-Cotter said the Maritimo’s vessels were specifically designed for Australian conditions which makes them unique.

“They’re built for the Australian coastline and the Australian coastline is very different from other parts of the world,” he said.

“All boating here is pretty much offshore and you have to go long distances between ports and potentially confront all sorts of challenges, especially bad weather. So our vessels have a far greater fuel capacity which opens them up for longer trips. That’s the key point of difference.

“Imported brands are built for use on lakes in Europe and the US, not the long distances and bad weather we have to contend with.”

Another Maritimo feature is that it was the only major luxury motor yacht builder in the world with a dedicated racing division.

Maritimo Racing is the oldest active team competing in the Australian Offshore Superboat. Championships and Mr Barry-Cotter has steered them to a swag of world and Australian offshore championships.

“We have a strong race tradition and we also enter a Maritimo yacht every year for the Sydney-to-Hobart,” he said.

“It’s incredibly unique for a business like ours to have a racing division and we take all that learning and technology, and that competitive culture and filter it through the whole company.

“We always want to be better and it’s a great asset we have to help us achieve that.”

Maritimo’s largest motor yacht in its history, the M75 Flybridge Motor Yacht.

Mr Barry-Cotter said his father Bill remained a strong presence as chairman of Maritimo and has close to 60 years experience in the industry behind him.

Bill started in the industry in his 20s with Marina Cruisers and then started one of Australia’s great boat brands Riviera in 1980 before eventually selling it in 2002.

After being smashed by the GFC the company was acquired by the Longhurst family and their base is across the road from Maritimo.

“The GFC was a very hard time for the boating industry and Maritimo came through it,” Mr Barry-Cotter said.

“It’s good to have that knowledge and experience behind me. Dad’s seen everything, through the ups and the downs.”