Ferretti Group announces “very strong” H1 results
The Italian conglomerate announces an order intake of €573.8 million, with its order backlog rising to €1.4 billion.
The Board of Directors of Ferretti Group have reviewed and approved the company’s H1 consolidated financial results, citing “a very strong performance”.
Highlights including an adjusted EBITDA of €83.4 million, representing an increase of 20.9 per cent when compared to the first half of 2022. A margin of 14.7 per cent represented an increase of 120 basis points when compared to the same period last year.
Order intake reached €573.8 million, while the order backlog rose to €1.4 billion, up 15.8 per cent on H1 2022. Revenue of €580.8 million and net profit of €40.9 million represented increases of 8.6 per cent and 36.8 per cent respectively on the first half of last year, with the Group boasting a net financial position of €320 million.
Alberto Galassi, CEO of Ferretti Group, said: “We continue to grow year on year and semester on semester on the strength of a steadily increasing order book, indicative of a commercial success that never ceases to reward us. We are demonstrating great efficiency by continuing to improve our margins, while proceeding swiftly in the development of new models and new projects.
“During the season of the major Mediterranean boat shows, we will present our new models, which further extend the product range, the driver of our growth strategy aimed at the ever-increasing satisfaction of our owners and shareholders.”
Revenue was led by orders for composite yachts (44.7 per cent) followed by made-to-measure yachts (35.8 per cent), superyachts (11.2 per cent) and other businesses (9.5 per cent). Geographical demand was led by the EMEA region (43.1 per cent) followed by the AMAS region (24.7 per cent) and the APAC region (12.7 per cent), with 19.5 per cent represented by ‘Other and superyachts’.
Made-to-measure yachts made up 35.7 per cent of the order backlog followed by superyachts (31.4 per cent), composite yachts (28.9 per cent), and other businesses (4.0 per cent).
Activities in the first half of 2023 included an agreement with Rosetti Marino for the acquisition of the 70,000sqm-plus Cantiere San Vitale facility in Ravenna (click for article). In late June, Ferretti Group successfully completed the first-ever dual listing (click for article) between Euronext Milan (Italian stock exchange) and HKEX (Hong Kong stock exchange).
The Group also made a big step forward in respect of the project in the 220,000sqm-plus former Belleli Yard port area in Taranto, where an industrial facility will be developed for the construction of plugs and moulds, as well as a research centre for advanced materials. All the public administrations involved approved the remediation and industrial development project.