The Ferretti Group reports double-digit revenue growth
The Ferretti Group has reported sales of €779.8m in the first nine months of this year, an increase of 16.5% when compared to 2021. Superyachts account for 9.3% of this with sales reaching €72.5m, up from €56.2m.
The group also has an order backlog of €1.04bn ($1.08bn) as of September 30th, 2022, up 26.9% from the first nine months of 2021. In the third quarter alone, the group made €401m in revenue from new build yachts.
Superyachts account for over 30% of the total backlog, equal to €416.5m in sales and up from €293.1m during the same period last year.
Alberto Galassi, executive director and CEO, Ferretti Group said: “The financial results reported by Ferretti Group for the first nine months of 2022 continue the trend seen in 2021, with double-digit growth and strong cash generation.”
The group has reported sales of €779.8m in the first nine months of this year, an increase of 16.5% compared with 2021. Superyachts account for 9.3% of this with sales reaching €72.5m, up from €56.2m.
By region, €292.8m in sales were from buyers in Europe, the Middle East and Africa, closely followed by North, Central and South American-based client sales at €289.7m. Both accounted for 37.5% and 37.2% of sales respectively for the first nine months of this year.
Whilst the Asia-Pacific region only made up 8% of the total sales this year with €62.1m, it increased 80% on 2021.
Ferretti’s adjusted EBITDA is up 26.4% to €106m, with a margin of 14%. Profit so far this year is at €47.4m, last year with a margin of 6.3%, up from €32.1m
In terms of cash available, the group has €393.1m, an 330.5% increase from €91.3m at the beginning of this year.
The company also acquired majority stakes in Italian exterior and interior design companies Il Massello and Fratelli Canalicchio earlier this year.
“Investments in innovation, design and technology have driven the success of the group’s new models,” said Galassi.
“Particularly noteworthy is the launch of RIVA El-Iseo, the first fully electric boat in Ferretti Group’s new E-Luxury segment and further testimony to its strong commitment to sustainability.”
The group also extended its partnership agreement with Rolls-Royce, now set to continue using its MTU yacht propulsion systems until the end of 2027.
Ferretti Group Jan to Sept 2022 results - at a glance
- Ferretti has reported €779.8m in sales, an increase of 16.5%
- Superyachts account for 9.3% of total sales this year, totalling €72.5m
- The group’s order backlog of €1.04bn is up 26.9%
- Superyachts account for over 30% of the total backlog, equal to €416.5m in revenue
- Ferretti’s adjusted EBITDA is up 26.4% to €106m, with a margin of 14%