The Italian Sea Group reports sales up by 64%


The Italian Sea Group (TISG) has reported sales up by 64.6% to reach €210.3m ($217.5m) in the first nine months of this year.

The shipbuilder’s order book as of September 30th, 2022, stands at €983m ($1.01bn) with 35 yachts currently under construction, 19 of which are over 50m (164ft).

Giovanni Costantino, founder and CEO, The Italian Sea Group said: “The results of the first nine months of 2022 confirm a strong and constant growth, allowing TISG to position itself at the highest end of the revenue guidance for 2022.”

New build superyachts accounted for €185.7m in sales this year, an increase of 67.7% compared with 2021. Constantino said that these figures have been bolstered by two sales of two Admiral Panorama 50m yachts in the third quarter of this year.

The company is continuing to focus its new build production capacity on its serial projects, namely the Gentlemen’s Picchiotti line and the Admiral Panorama yacht (pictured). Production on these projects will begin only once a sale agreement is signed and without trade-ins.

Its refit division, which focuses primarily on yachts over 60m (196ft), recorded revenues €26.6m, up 176% from the same period last year.

Constantino said EBITDA stood at 15.7% and is “well ahead of target”. The EBITDA for 2022 is about €33m, up 89.7% compared with €17.4m last year.

The CEO added that the company has continued to invest more than €11m in the TISG 4.0 and TISG 4.1 investment programmes and completed the construction of its Viareggio and La Spezia shipyards. The company also has a refit facility in Marina di Carrara.

The completion of the works will allow the refit business to fully exploit the production spaces in the three shipyards, representing an important platform for the further growth of this activity,” he said.

TISG currently has debts of €46m, compared with €41m in cash available at the start of 2022. The debt includes €6.8m in fees due to port authorities of the shipyards in Marina di Carrara, Viareggio and La Spezia in Italy.

The €87m change is down to the cash outflow following the Perini Navi acquisition for €75m, as well as the investments and shipyard fees.

TISG plans to relaunch the Perini Navi brand with the first model, a 56m ketch, developed in collaboration with Malcolm McKeon Yacht Design.

TISG said that its guidance for sales at the end of 2022 is forecast to be between €280m and €295m, with an EBITDA margin of 15.5%.

The Italian Sea Group Jan to Sept 2022 results – at a glance

• Sales up 64% from last year, standing at €210.3m
• EBITDA at 15.7%, equal to €33m
• Backlog worth €983m, with 35 yachts currently under construction