The Italian Sea Group posts €85m revenue for Q1, 2023

The Italian Sea Group (TISG) has posted revenue of €85m ($91.1m) during the first quarter (Q1) of 2023, a 23% increase from €69m in the same period last year.

The shipyard’s revenue from new builds totalled at €68.7m, a 17.8% increase from Q1 2022. The firm said this resulted from new sale contracts, particularly for bigger yachts.

“Owners from all over the world constantly show their trust in our organisation and our skills, strengthening TISG’s position as a leading player in the segment of large yachts,” said Giovanni Costantino, founder and CEO, TISG. “The quality and completeness of our product offering continue to contribute to the prestigious development of our order book.”

The company’s order book totalled around €1.08bn. As of March 31st, 2023, there were 33 projects in production: 20 yachts and 13 Tecnomar for Lamborghini 63, with scheduled deliveries reaching into 2027.

In April, TISG announced the sale of the first hybrid model in the 53m Admiral Panorama to a Mexican owner for an undisclosed fee. The firm also revealed the restyling of the new Perini Navi fleet with three product lines, measuring 48m, 56m, and 77m respectively.

TISG reported a 15.2% increase in revenues from its refit projects of €12.1m, attributed to the impact of the investments in production capacity. It has also made other investments, in a move to vertically integrate more companies within its supply chain.

“We continue to internalise the key phases of the supply chain, through the acquisition of carpentry company Celi, which will allow us to increase control on the activities related to our yachts’ interiors in support of quality, respect of timing, and marginality increase,” said Costantino.

The acquisition of Celi will allow TISG to move into the global high-luxury real estate and hospitality sectors, he added.

TISG said it remained committed to improving the sustainability of superyacthing. “We will continue to develop products, projects, and initiatives with a positive impact on the environment, employees, and the local community,” said Costantino.

Meanwhile, TISG recently sold three new 70m (230ft) GC-Force 70 Admiral superyachts to a European billionaire, a record transaction for the shipyard. The three sales were completed for a Greek family in partnership with brokerage firm IYC.