Azimut|Benetti backlog rises to €2.6bn

Avigliana-based luxury yachts developer Azimut|Benetti Group announced its financial results for the financial year 2023-2024 reporting revenues of €1.3bn, a 55% increase over the past four years, and a backlog of new orders worth €2.6bn.

“After a period of unprecedented growth, we are now experiencing a physiological contraction of the market, which the group can manage from a position of strength thanks to the significant order backlog,” said Marco Valle, CEO, Azimut|Benetti Group.

“In this scenario, the group’s strategies have made and will make the difference: innovative yachts and the correct positioning of the Azimut and Benetti brands, a broad-based international presence and ongoing production evolution.”

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At a press conference held in Cannes, the group outlined its ambitious plans for the coming years, including a €160m investment programme to support growth and innovation.

The company’s financial performance was driven by strong demand across all segments and regions, with Europe, the Americas and MEA APAC accounting for approximately 40%, 37%, and 23% of the order backlog, respectively.

Azimut|Benetti Group has committed to investing €99.3m to increase production capacity and improve efficiency at its shipyards. Additionally, €43.2m will be allocated for research and development, and €13.9m will be invested in digitalization projects.

Looking ahead, the group expects to continue its growth trajectory, with a revenue target of €1.5bn for the 2024/2025 financial year.

The company expects the investment plan to help it strengthen its position as a global leader in the luxury yachting industry.