Ferretti Group posts record €1.6bn order book for Q3 2024
Ferretti Group has reported a 10.7 per cent year-on-year increase and a 16 per cent margin in its 9-month financial results for 2024.
The news comes as rumours continue to swirl about the future of the Ferretti Group, as a potential buyout or investment by LVMH, specifically relating to Riva, is seemingly on the cards.
Order intake for the period reached €736.9m, surpassing €1bn in total with recent orders, contributing to an all-time high order backlog of €1.6bn. Adjusted EBITDA is €138.2m.
Net revenue from new yachts was €865.3m, a 3.8 per cent increase compared to the same period in 2023, and a net profit of €62.2m. The net financial position shows €149.6m in net cash as of 30 September 2024. Mid-term guidance has been confirmed, while the 2024 forecast remains cautious pending order confirmations from the American market, particularly within the composite segment.
“With the closure of this quarter, we have achieved a new record in profitability, reaching 16 per cent, confirming the strength and effectiveness of our strategy,” says Ferretti’s CEO, Alberto Galassi, who notes a “significant increase in order intake from the Super Yacht segment” and positive results from Mediterranean boat shows, adding that activities in the American market may soon yield additional gains.
The Ravenna shipyard construction continues, on a 70,000-sqm site close to the company’s Forlì headquarters and its Cattolica shipyard.
As of 30 September, the group’s order backlog is valued at €1.3bn, aligning with figures from the first nine months of 2023. The board has also convened an ordinary shareholders’ meeting to address the sustainability reporting compliance mandate, appoint a new board member, and elect a chairperson.
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