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Polish catamaran-builder Sunreef Yachts has released its first set of financial results since the company was founded back in 1998.

According to a statement released today, Sunreef's net income from production and services grew by 52 per cent in 2007 to €19.6 million. This figure is expected to rise again to €29.8 million in 2008, with more than 10 annual deliveries scheduled for the current year and another 16 scheduled for 2009.

"Despite a challenging labour market in Poland, this accelerating production rate was achieved by optimising production techniques which, for example, reduced production time for Sunreef's most popular model, the Sunreef 62, from nine to four months," says the company. Sunreef has also revealed that it recently acquired 16 hectares of land in Wiślinka, not far from Gdańsk in Poland, for the construction of two 12,000sq m manufacturing plants.

The new purpose-built facilities, which are due for completion and occupancy in 2010, will increase the company's overall production capacity and enable Sunreef to build yachts of up to 50m (164ft). Sunreef is also planning and designing new models to complement its current range, including two new custom superyachts that are currently under construction.

Net sales at Sunreef's in-house charter agency, Sunreef Yachts Charter, reached around €1.3 million in 2007. Now with more than 250 yachts in its fleet, the company is expecting to see a 50 per cent increase in sales in 2008.

''Our success to date comes from our focus on innovation and by extending the range of yachts we produce," says Sunreef vice president Nicolas Lapp. ''For the future we will be promoting and constructing our two new models while progressing orders for large custom yachts over 100 feet." Sunreef says that it expects sales in 2009 to rise by 34 per cent to €40.1 million.