Ferretti reveals ‘very strong performance’ in H1

Ferretti Group has released its financial results for H1 2023, posting a margin of 14.7 per cent and an Adjusted EBITDA of €83.4 million which the group say presents a very strong performance for the first half of this year.

The Italian boatbuilder has revealed a revenue of €580.8 million – an increase of 8.6 per cent on H1 2022, with an order backlog at €1.4 billion which is a 15.8 per cent increase on the same period last year.

Mr. Alberto Galassi, the Ferretti Group’s chief executive officer, says: “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, which is now just around the corner, 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.”

The order backlog comes mainly from the Ferretti’s made-to-measure yachts, superyachts and composite yachts, with the majority attributed to made-to-measure yachts, which reached €503.2 million by June 2023 (equal to 35.7 per cent of the total order backlog) and superyachts yachts reaching €442.3 million by June 2023 (equal to 31.4 per cent of the total order backlog).

According to the group, this strong performance is due to three main factors:

• Commercial: a longer waiting list due to the high order backlog, reflecting higher pricing power
• Strategic positioning: a larger presence in the more profitable segments, such as made-to-measure 
• Industrial: economy of scale in purchasing and more efficient absorption of fixed costs

Net profit stood at €40.9 million in H1 2023, representing an increase of 36.8 per cent on H1 2022 (€29.9 million), with a margin of 7.2 per cent in H1 2023 – this is an increase of 130 basis points when compared to H1 2022 (5.9 per cent).

In June (2023), Ferretti Group made its debut on Euronext Milan, the Milan-based stock exchange operated by Borsa Italiana.