While the company did not provide further details on the contracts, Darren Smith, Head of Business Development at SMS Group, said: "We have a major yacht project to deliver in the fourth quarter of this year, running into the first quarter of next and we have a huge defence project to deliver pre-Christmas, while simultaneously supporting a major cruise project. This revenue makes up a sizeable portion of our annual budget."
The SMS Group specialises in outfit, ship repair, and marine engineering in the commercial marine, defence, and cruise sectors. It is currently working on expanding its footprint inside Associated British Ports Southampton, acquiring new tooling, equipment, and temporary storage space, and increasing office space and headcount.
Dan Lockyer, Head of Interiors, said: "While our growth was foreseeable, and very much in line with our business plan, it does create the obvious challenges. We need more space, more equipment, and more resource. Our growth also impacts our supply chain all of which have been tremendously supportive. (...) Our next significant move is another key hire."
About SMS Group
Established in 2004, SMS Group specialises in ship/work boat building, vessel repair and marine engineering; it trades in four markets: commercial marine, defence, superyachts, and work boats/floating structures.
The company is headquartered at Ocean Quay in Southampton, in the industrial marine area. The Ocean Quay site provides the company with a dedicated shipbuilding hall and workshops, together with wet berth facilities for vessels up to 70m.