Ferretti backlog reaches €1.5bn in Q1 2023
Ferretti Group has announced an order backlog of €1.5bn (€1.63bn) in its financial report for the first quarter (Q1) of this year, a 15.4% increase when compared with 31 December 2022. The Italian shipyard said this was a result of strong demand from the international market.
Superyachts account for a quarter (25.7%) of Ferretti’s backlog, totalling around €384.6m in value as of March 31st, 2023. Composite yachts, made from fibreglass, reached €489.9m and made-to-measure (custom) yachts €549.1m, accounting for 32.7% and 36.7% of the total backlog respectively. The firm said “other business” accounts for €72.7m, around 4.9% of the backlog.
The Forli, Italy-headquartered company reported a new order intake of €307.5m across all divisions in Q1 this year too. “The huge interest shown by the financial community and the very positive financial results reported in Q1 202 is another demonstration of our solidity and confirms once again that our shareholders and our customers were right to place their confidence in us,” said Alberto Galassi, CEO, Ferretti Group.
Over the quarter, Ferretti Group made €280.3m in revenue, an increase of 9.3% compared to Q1 2022. The firm attributed this to the strong backlog built throughout the duration of last year.
Composite yachts made around 52.6% of the total revenue in Q1 2023 with €147.3m. This was an increase of 9.8% from the same period last year. Made-to-measure yachts and Superyachts brought in €99.9m and €18.1m in revenue respectively. However, revenue from superyachts has declined slightly from the €24.7m it made in Q1 2022.
Despite this, the board stated the shipyard had made a profit of €18.6m over the quarter and ended it with a financial position equal to €301m in cash. Galassi said the company is well positioned to reach its financial targets following the results and acquisitions made earlier this year.
“The luxury yacht market continues to see strong expansion and, once again, Ferretti Group shows vision and foresight, as witnessed by the important acquisition of Cantiere San Vitale, in Ravenna, the cornerstone of a future-looking growth strategy,” he said.
Ferretti spent €40m on the acquisition of Cantiere San Vitale in Ravenna, Italy in March, which has led to an additional production capacity of around 20%.
Meanwhile, other Italian shipyards are posting positive Q1 2023 results too. Sanlorenzo reported total sales of €183.7m ($199m) for Q1 2023 – an 11.8% increase compared with the same period last year.