Plymouth-based Princess Yachts (www.princessyachts.com) — a manufacturer of luxury super-yachts, employing 2,500 people at its Plymouth site — has seen its order book almost double this year and is embarking on a £100 million investment programme.

The company said that orders following the Cannes Yachting Festival reached a record £640 million — 85% higher than at the same point last year.

It put the surge in demand down to the weakened value of sterling, which has increased interest from overseas buyers.

Antony Sheriff, the firm’s executive chairman, said that Russian and Chinese buyers had begun to re-enter the market after a period of lower sales from those regions, and that the firm had benefitted from repeat business from customers upgrading to a larger boat.

He added: “Our production capacity is now 100% sold for 2017, 90% sold for 2018, and 30% sold for 2019.

“The significant investments we are making will enable us to further expand our product range and offer unrivalled choice to our customers, as well as enhancing facilities and quality processes at our Plymouth home.”

The company is currently looking to recruit new staff to expand its capacity. It launched a new boat at the Cannes event — the Princess 62 — and it plans to relaunch some of its popular models over the next few months.