Sanlorenzo posts 15% revenue growth
Italian luxury yacht maker Sanlorenzo reported a 15% year-on-year (YoY) increase in revenues from new yachts to €626m for the first nine months of 2023, supported by strong demand for its high-end vessels and higher prices.
Net profit for the period surged 27% to €67m as the company benefited from improved margins.
Revenue growth was broad-based, with yachts contributing €388m and superyachts €171m. The company’s Bluegame division also saw revenues rise 28%YoY to €67m during the nine months under review.
Europe accounted for the largest share of new yacht revenues at 70%, followed by the Americas at 11%.
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“The excellent results approved today by the Board of Directors are yet another confirmation of the strength of the Sanlorenzo brand and of its peculiar high-end luxury maison business model, that makes our growth strategy sustainable even in challenging macroeconomic and geopolitical scenarios,” said Massimo Perotti, chairman and CEO, Sanlorenzo.
“The traditional markets where Sanlorenzo boasts an undisputed leadership – geographically, Europe, and in terms of size, the 30-50 metres segment, – confirm a constant healthy growth.”
The company’s maintenance operations also saw revenues increase 18% to €8.6m.
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Sanlorenzo’s margins on net revenues rose 100 basis points during the nine months, driven by its ability to implement sustainable pricing policies and a shift in product mix towards larger and more expensive yachts.
At the end of the nine months, Sanlorenzo’s organic net investments stood at €26m, of which over 85% were dedicated to expanding production capacity and developing new models and lines.
In its business outlook, the company said that it is considering vertical integration to secure key parts in the supply chain, acquire infrastructure for refit services, and explore acquisitions of niche brands that are similar to its own.
Sanlorenzo has an orderbook of €1.7bn, with deliveries sold out through 2026 for the Yacht division and up to 2027 for the Superyacht division. The Bluegame division has deliveries sold out through 2025.
