Ferretti Group Fleet at sea

Italian boatbuilding giant Ferretti Group has published its consolidated financial results for the first half of 2024, showing an increase in both growth and profitability.

In the first six months of 2024, Ferretti Group reported net revenues of €611m from new yacht sales, representing a 7.7 per cent increase compared to the same period in 2023. The company also reported an adjusted EBITDA of €96.7m, which reflects a 15.9 per cent increase year-over-year. The EBITDA margin for this period was 15.8 per cent, the highest in the company’s history.

Ferretti Group’s net profit for the first half of the year was €44m, a 7.6 per cent increase from the previous year. The company secured new orders totalling €514.4m during this period, contributing to an order backlog of €1.5bn as of 30 June 2024, up 6 per cent from the same date in 2023. The company’s net cash position was €237m as of 30 June 2024, an increase of approximately €31m since the start of the year, after accounting for dividend payments totalling €33m.

The company’s performance in the first half of the year was supported by favourable market conditions, including a resurgence in demand from the North American market, which grew by over 28 per cent. Ferretti Group says its forward-looking strategy includes a focus on product innovation, sustainability, and expanding market presence, which contributed to these financial results.

The firm’s Q1 results, published in May, also showed positive financial outcomes.

The financial data suggests that Ferretti Group is positioned for continued growth and investment, supported by a strong order backlog and healthy cash flow. As the European boat show season approaches, the company plans to present its latest products to the international market.

Alberto Galassi, the group’s chief executive, comments: “One year after the success of the double listing on the Hong Kong and Milan stock exchanges, Ferretti Group confirms its growth. Margins reached 15.8 per cent, the best result ever for the group’s profitability, together with a net financial position of €237m, improved by more than €30m compared to last spring.

“The second quarter of 2024 also shows signs of long-term growth, including the consistent recovery in demand from the North American market, which grew by more than 28 per cent.”

In May, the group opened the refurbished Riva shipyard in La Spezia. When fully operational, the site will make it possible to launch another 30 boats a year of up to 40 metres in length. 

Ferretti Group says its financial performance in the first half of 2024 reflects its ability to achieve record margins and strengthen its financial position despite a challenging market environment. The company says it anticipates further developments as it continues to build on its current foundation.

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