Ferretti’s profits surge

Ferretti Group has disclosed significant year-on-year growth and record profits in its financial results for the year ending 31 December, 2023. Despite market challenges, Group CEO Alberto Galassi explains that the company maintained steady order intake, propelling the Italian shipyard’s growth and resulting in a net positive financial position.

“2023 was an extraordinary year for Ferretti Group in terms of both results and goals achieved,” says Galassi. “I would like to emphasise the great importance of the listing on Euronext Milan in June and its very positive reception from the financial community.” Notably, at the time of writing (20 February), Ferretti’s shares on the Euronext Milano exchange are at an all-time high.

The company reported a substantial increase in net revenue from new yachts, reaching €1.1 billion, marking an 11.5 per cent surge from the previous year’s €996.1 million. The company also witnessed an increase in its order backlog, which soared to €1.5 billion, marking a substantial 15.1 per cent increase compared to the previous year’s backlog of €1.3 billion.

Moreover, Ferretti Group achieved a record profit margin of 15.2%, up from the previous year’s margin of 14.1%. This growth contributed to adjusted EBITDA reaching €169.2 million, representing around a 21% increase from €140 million in 2022.

Ferretti Group also reported a notable increase in net income, which reached €83.5 million, representing a significant 38% increase from €60.5 million the year prior. Despite market challenges, the company maintained a steady order intake, reporting €1,120.4 million, consistent with the previous year’s performance.

With a solid net financial position of €281.1 million, Ferretti Group appears well-positioned to capitalise on future growth opportunities while maintaining its trajectory of growth in the competitive market. The shipyard is broadening its product line too, as Galassi adds that while at the Düsseldorf Boat Show earlier this year, the firm presented Riva El-Iseo, its first full-electric powerboat, which launches its new ‘E-Luxury’ segment.

“The results we are presenting today highlight remarkable growth in the main economic and financial indicators and two absolute records in our recent history,” he says. “These extremely positive numbers will give substance and quality to a further strengthening of our brands, with investments in research, innovation and sustainability.”

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