Sanlorenzo results chart steady course in 2023 as revenue rises
Italian yacht builder Sanlorenzo delivered impressive year-end results for 2023, propelled by double-digit revenue growth and surging profitability.
“The performance of the year is substantiated by the growth of all the main metrics – at income and assets level, as well as in terms of constant ability to generate new cash to support future investments and the remuneration of our shareholders,” said Massimo Perotti, CEO, Sanlorenzo.
Sanlorenzo’s revenue rose by 13.4% year-on-year to €840m, buoyed by a remarkable 38.3%YoY uptick in the European market and an impressive 83.7%YoY leap in the Middle East. This robust performance translated into a 21.5%YoY increase in EBITDA to €157.5m, demonstrating the company’s adept operational efficiency.
Results show the Yacht division generated €511m in revenue and experienced a significant 120 basis point margin expansion to 18.7% helped by strong pricing strategies and brand positioning within the luxury yacht market.
During the year, Sanlorenzo allocated €44.5m in net investments, primarily focused on expanding production capacity and developing new models and ranges.
While order intake reached a healthy €812.3m, it showed a slight decrease compared with the exceptional level of the previous year. The company said the moderation was on account of the management decision to manage production schedules amidst strong demand, resulting in extended delivery lead times for yachts.
The company’s backlog at the end of 2023 stood at €1.04bn, compared with €1.07bn at the end of previous year, of which €587.1m referring to 2024 and €454.6m to following years.
The company also announced the launch of share buy-back programme in an effort to support market liquidity, utilise excess liquidity and optimise the capital structure.
“The purchases of treasury shares will be carried out upon the terms and conditions set out in the above-mentioned shareholders’ resolution, even in several tranches, up to a maximum of 3,491,956 shares, within 12 June 2025 (18 months starting from the shareholders’ meeting resolution),” the company said in its statement.