Ferretti Group announces 2023 half-year results
Busy order book contributes to Group’s strong performance figures…
In the first half of 2023 Ferretti Group recorded an adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) of €83.4 million and an order backlog of €1.4 billion, up 15.8% from €1,218 million as at 30 June 2022.
“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,” says Alberto Galassi, the Group’s Chief Executive Officer. “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 Group’s three business sectors performed as follows:
The composite yachts segment reached an order backlog of €408.1 million as at 30 June 2023 from €389.0 million in the same period of the previous year, representing approximately 28.9% of the total order backlog compared to 31.9% of the total order backlog as at 30 June 2022. Revenues reached €259.8 million, equal to approximately 44.7% of total revenue, in H1 2023, from €233.7 million, equal to approximately 43.7% of total revenue in H1 2022.
The made-to-measure yachts segment achieved an order backlog of €503.2 million at 30 June 2023, equal to approximately 35.7% of the total, compared to €400.7 million, equal to approximately 32.9% of the total backlog at 30 June 2022. Revenues for this segment reached €208.0 million, equivalent to 35.8% of total revenue in H1 2023, from €201.3 million, equal to approximately 37.6% of total revenue in H1 2022.
The superyachts segment reached €442.3 million at June 30 2023, equal to approximately 31.4% of the total backlog, from €370.5 million, equal to approximately 30.4% of the total backlog at 30 June 2022. Revenues reached €64.8 million, equal to approximately 11.2% of total revenue, in H1 2023, from €48.9 million, equal to approximately 9.1% of total revenue in H1 2022.
Total revenue was €580.8 million in H1 2023, representing an increase of approximately 8.6% compared to €534.9 million in H1 2022, due to a strong order backlog from 2022.
By geographical region, the best increase is recorded in EMEA (Europe, the Middle East and Africa) with €250.2 million in revenues, approximately 43.1% of total revenues in H1 2023, up from €24.6 million or about 42.2% in H1 2022. This was followed by a decrease for the Americas markets, with revenues at €143.7 million from €171.3 million, approximately 24.7% from the previous 32% in H1 2022. Increase for the APAC (Asia-Pacific) region increased to €73.9 million from the previous €38.1 million.
According to the Group, this strong performance is due to three main factors: a longer waiting list due to the high order backlog, reflecting higher pricing power; a larger presence in the most profitable segment, such as made-to-measure and economy of scale in purchasing; and more efficient absorption of fixed costs.
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