Sales up 64% at The Italian Sea Group
The Italian Sea Group (TISG), the owner of Picchiotti, Admiral, Perini Navi, Tecnomar (Evo 115 pictured) and NCA Refit, has reported a 64% increase in sales for the first half of 2022, totaling €133m ($136m). It made €80.9m in sales during the first six months of 2021.
It made a €20m EBITDA compared to €10.3m in the first half of 2021, with an EBITDA margin of 15%.
The Italian Sea Group booked 36 orders including 17 for its new 19.2m (63ft) Tecnomar for Lamborghini 63 yacht. The group had a €922m order book at the end of June.
Giovanni Costantino, founder and CEO of TISG, said: “The excellent results recorded in the first half of 2022 represent a confirmation of the solidity of our business development project in line with the 2022 guidance, despite a complex macroeconomic and geopolitical context.”
It is forecasting full year sales of between €280m and €295m with an EBITDA Margin of 15.5%.
The board also approved the full acquisition of TISG Turkey Yat Tersanecilik Anonim Sirketi from GC Holding for €150,000. It has also started building of two new shipyards in La Spezia and Viareggio, Italy.
The Italian Sea Group’s debt rose because it bought Perini Navi. In December 2021 it had €41m in cash. It now has €47m of debt. The business generated €6.5m in net working capital during the first six months of 2022.
“In the coming months, the relaunch activities of the Perini Navi and Picchiotti brands will continue, which continue to arouse strong interest from Shipowners all over the world, especially in America, Asia and the Middle East,” said Costantino.
Pictured above: The Tecnomar Lamborghini 63 is a tender that looks more supercar than superyacht.
Founded by Giovanni Costantino, the Italian Sea Group listed on the Euronext Milan Stock Exchange in 2011.
Tecnomar – the first brand acquired by Costantino in 2009. It has delivered yachts 294 yachts over 50m since its founding in 1987. The brand specialises in sporty yachts.
Admiral – The flagship brand of The Italian Sea Group, Admiral has delivered 148 yachts since its formation in 1966. It was acquired by the Costantino in November 2011.
Perini Navi – The most recent acquisition of the group was bought on December 22, 2021. The sailing yacht builder, Perini Navi was founded in Viareggio in 1983.
Picchiotti – Originating for 1575, Picchiotti was owned by Perini Navi since the mid-1990s.
Tecnomar for Lamborghini 63: A limited edition serial production series of (63ft) yachts, made in collaboration with luxury car manufacturer Lamborghini.
NCA Refit – has specialised in the refit and repair of superyachts since 1942. It operates in the yard of Marina di Carrara, La Spezia and in the yard of Viareggio for a total of 156,000sqm (3.5 acres) of operational area.