The first quarter of the year has been strong at YPI CREW, with an 18% increase in turnover compared to Q1 2022. This growth is driven by an excellent jobs/placements ratio of 3,45 across departments which, resulted in an increase of 10% in crew introductions. This ratio matters for our clients as it illustrates our ability to source talent and deliver results by bringing candidates to a job offer and job acceptance stage and, for our candidates it matters as it's the reassurance that our recruiters have the know-how and flair to champion them.

These achievements took place in a contracted employment market. The vitality of the recruitment market is linked with brokerage, which has seen a hefty drop in Q1. Data from BOAT PRO reports 87 yacht sales in Q1 2023 compared to 160 in the same period last year. The consequence of fewer yacht sales is less crew changes and therefore less job requests.

This, coupled with a year of sanctions, has contributed to a slower job market. Mechanically, the combination of the above factors has in turn, contributed to the large increase of job seekers.

2022 was a record year in terms of new crew registrations; Q1 2023 is seeing an even larger amount of crew entering the job market : +15% compared to Q1 2022. We remain confident in our ability to navigate a complex employment market and are developing our team further in Q2 especially as the number of superyachts on order or in build has reached new records with 1,203 projects at shipyards around the world due for delivery between now and 2027 (source: Boat pro).

"I would like to thank our fantastic team for their commitment and drive, our clients for their trust and partnership, our crew for their patience and trust and our shareholders for their guidance." - President of YPI CREW, Laurence Lewis.