Ferretti Group ends 2023 with strong revenue growth

news
0
SHARE:
Ferretti Group posts strong revenue growth in 2023.

Photo: Ferretti Group.

Italian yacht builder Ferretti Group weathered economic headwinds in 2023, charting a course for success with an 11.5% year-over-year (YoY) surge in revenue to reach €1.1bn.

This impressive growth was further bolstered by a 15.1% year-over-year (YoY) increase in order backlog, reaching a staggering €1.5bn.

“The results we are presenting today highlight remarkable growth in the main economic and financial indicators and two absolute records in our recent history: an order backlog of €1.5bn and a margin of 15.2%, confirming the solidity of the commercial and industrial strategy announced in March 2022,” said Alberto Galassi, CEO, Ferretti Group.

Sign up for the Superyacht Investor newsletter

Ferretti’s topline growth was fuelled by strong demand across all segments, with composite yachts taking the lead at €491.8m. Made-to-measure yachts followed closely at €440.3m. Meanwhile, the contribution from the superyacht segment amounted to €117.6m.

Profitability also reached record highs, with EBIDTA margins hitting an impressive 15.2%, as the company’s operational efficiency and cost-control measures resulted in significant growth. This translated to a 12% YoY increase in adjusted EBIDTA of €169.2m and a net income of €83.5m.

READ: Ferretti floats on Milan stock exchange

While revenue growth was impressive, the order book was also strong during the year at €1.5bn backlog, a 15.1% increase over 2022. This robust order book is further bolstered by a strategic shift towards larger yachts, with composite vessels above 25 metres (80 ft) driving nearly 47.1% of total order intake in 2023.

Europe continues to be Ferretti’s primary market, accounting for 43.2% of total revenue. However, the company is experiencing strong growth in other regions, with AMAS (Americas) contributing 28.9%, MEA (Middle East & Africa) at 19.1%, and APAC (Asia Pacific) showing promise with 8.8%.

Core topics
Organisations
SHARE: