Italian Sea Group (TISG) rides wave of yacht demand
The Italian Sea Group (TISG), a global leader in the yachting industry, reported a 25% year-on-year (YoY) increase in revenue for the first nine months of 2023, reaching €262m.
“I am extremely satisfied of what we have achieved in the first nine months of the year, as a confirmation of the solidity of our business model and the resilience of our reference segment. We have received extremely positive feedback from our return to the Monaco Yacht Show, and we will continue to invest to carry out the projects and the deliveries we have in pipeline,” said Giovanni Costantino, CEO, TISG.
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The company’s shipbuilding and refit segments both saw strong growth, with revenues increasing by more than 22%. This was driven by a number of factors, including the progress of existing projects, the signing of new sale contracts for large yachts and an extension of production capacity.
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TISG’s EBITDA also increased significantly during the period, from €33m to €43m, representing an EBITDA margin of 16.5%. This was due to a combination of cost management measures, such as the internalization of key supply chain activities and an increase in product prices.
At the end of September 2023, TISG had an order book of €1.3bn, with 36 orders in progress, including 24 mega and giga yachts. Deliveries are scheduled to continue until 2028.
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The company is confident in achieving its 2023 guidance and has reaffirmed its outlook for the year, eyeing €365m in revenue. It has also reaffirmed its 2024 outlook, implying revenue of €400-420m.
In addition to its strong financial performance, TISG also recently obtained ISO 14001:2015 certification for its efficient environmental management system.
