The Italian Sea Group reports 11.4% revenue growth in Q3 2024
The Italian Sea Group (TISG) has announced its financial performance for the first nine months of 2024. The company reported revenue of €292m, reflecting an increase of 11.4 per cent compared to €262.2m in the same period last year.
EBITDA rose by 16 per cent, reaching €50.1m, with an EBITDA margin of 17.2 per cent, up from 16.5 per cent a year prior.
TISG attributes its improved operating margin to focused cost management, increased production efficiency and benefits from investments in production capacity. The order book, which represents contracts for both shipbuilding and refit projects, totalled €1.275bn as of 30 September 2024, while the net backlog was recorded at €533m.
The news comes a week after TISG announced legal proceedings against the New York Times, related to an article about the sinking of the Perini Navi superyacht Bayesian, which made international headlines when it sank in a freak maritime accident during a storm off the Sicilian coast in August.
The in-depth investigation explored what could have caused the sinking, claiming that the extra-tall mast made the yacht “vulnerable to capsizing”.
TISG refutes the article’s claims, asserting that it contained “inaccurate technical assessments”. The company argues that the narrative lacked source transparency and expressed intent to protect the reputation of Perini Navi, which it describes as a longstanding symbol of Italian yachting.
In the first nine months of the year, TISG made investments of €7.2m, aimed at internalising high-value production stages, such as steelworks for interiors, alongside expanding its facilities at the Marina di Carrara site. Net financial debt as of 30 September stood at €19m, taking into account dividends paid, ongoing investments, and proceeds from the sale of the Viareggio shipyard.
“Another positive quarter for The Italian Sea Group, which recorded results in line with expectations,” says founder and CEO Giovanni Costantino.
“Following the excellent response obtained last September at the Monaco Yacht Show with the presentation of superyachts featuring extremely refined aesthetics and an excellent level of quality, we are working to finalise some important negotiations between the end of 2024 and the beginning of 2025, which will give us further momentum to consolidate the 2025 guidance.
“The success of the semi-custom lines also continues, including the Panorama project and the Admiral Quaranta project; of the latter, at the end of October the keel-laying ceremony of the first motoryacht under construction was held, the sale of which was completed in the first half of 2024 and which marked an important development for The Italian Sea Group’s fleet. A further confirmation of the solidity and validity of our business model.”
Throughout the first nine months, shipbuilding revenues reached €257.3m, a 12.2 per cent increase driven by ongoing projects, while refit revenues totalled €34.8m, marking a 5.8 per cent rise compared to the same period in 2023. EBITDA reached €50.1m, a 16 per cent increase, with a 17.2 per cent margin.
TISG recently showcased several superyachts, including the 66-metre Admiral JAS and the 78-metre Admiral Platinum, at the Monaco Yacht Show. The company is also developing a new 75-metre Admiral model with diesel-electric propulsion.
The new 40-metre Admiral Quaranta superyacht.
Following the recent resignation of Simona Del Re, the board co-opted Filippo Menchelli, who previously served as chairman, to resume this role.
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