Ferretti reports €1.2bn revenue, record backlog
Italian yacht maker Ferretti Group reported stellar revenue growth of 5.6% year-over-year in 2024 at €1.17bn with revenues distributed across all four quarters and limited seasonality.
Segment-wise revenue breakdown showed composite yachts contributed 48% to the total tally, followed by 35% from made-to-measure yachts, 13% from superyachts and 5% came from the others segments (Ancillaries, FSD, Wally sail).
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In terms of growth, superyachts led amongst the segments, booking a growth of 26.4% followed by composite yachts at 13.6% whereas made-to-measure yachts and others declined by 7.5% and 4.1%, respectively during the year under review.
“Positive performance of the composite, driven by orders collected since late 2023, contributed to revenues throughout the entire year of 2024,” said the company in its statement.
“Superyachts continue to drive steady quarterly double-digit growth.”
Geographic breakdown showed a more split market. While revenues Europe and Middle East & Africa (MEA) grew by 23.6%YoY and 26.8% respectively, those from Asia Pacific and Americas declined by a whopping 59.7%YoY and 15.4%, respectively.
Contribution-wise, nearly 51% of the total revenue came from Europe, 23% from MEA, followed by 23% from Americas and 3% from Asia Pacific.
READ: Ferretti scores record backlog by Q3 2024
Commenting on this, Ferretti said: “continuous double-digit yearly growth in MEA region since 2H’23, led by increasing demand for large size vessels. AMAS has been affected the entire year by elections, rising now and setting the stage for a promising outlook for 2025.”
While revenue growth was split across segments and geographies, the company saw margin growth during the year under review. Adjusted EBITDA saw expansion of 100 basis points to 16.2% at €190m compared to €169m (15.2%) in the same period last year.
The company attributed the margin growth to stronger pricing power coming from improved supplier negotiations and higher demand for optional, increasing presence in the most profitable segments such as made-to-measure (>30m) and high composite (>24m) followed by economy of scale in purchasing and a more efficient fixed costs absorption.
Ferretti also posited an 11.6%YoY growth in order backlog hitting €1.7bn compared to €1.5bn at the end of 2023.
The company has presence in 71 countries via by 55 dealers and 279 brokers.
