Ferretti Group reports ‘extremely positive’ financial results

Ferretti Group says its growth path is on track with the release of its latest results (quarter one, 2024). Key takeaways include the order backlog surpassed €1.6 billion, a 10.2 per cent increase when compared to 31 December 2023, and net revenue new yachts equal to €313.0 million, an increase of 11.7 per cent when compared to Q1 2023.

Alberto Galassi, the group’s CEO, says: “We open the new year reporting extremely positive results across all key economic and financial indicators. Q1 2024 testifies to the effectiveness of the group’s strategy, consolidating and improving on Ferretti Group’s already excellent performance in 2023.”

The latest release show net profit equal to €22.2 million, an increase of 19.4 per cent when compared to Q1 2023. Plus, order intake reached €266.6 million in Q1 2024.

“With revenues of €313 million, up 11.7 per cent on the first three months of the previous year, and margins constantly rising to 15.4 per cent, Ferretti Group confirms its profitability and financial solidity, as well as recording an all-time high order backlog of €1.6 billion, up 10.2 per cent,” says Galassi.

Ferretti’s looking at a net financial position of €205.7 million of net cash in Q1 2024.

“These highlights are the result of a meticulously planned commercial and industrial strategy that allows us to maintain our high-level performance and also capture new emerging high-growth market areas to add to the traditional high-value sectors where we already have a presence.”

Thanks to Italy’s centuries-old yachting tradition, the Ferretti Group is a world leader in the design, construction and sale of luxury yachts and pleasure vessels, with a portfolio spanning brands such as Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally. Led by Galassi, the Ferretti Group owns and manages seven shipyards located across Italy. Combining industrial production and Italian craftsmanship, the group says it has customers in more than 70 countries serviced via a network of approximately 60 dealers.

In early April, Riva revealed more details of its 8.4-metre runabout El-Iseo, the brand’s first full-electric powerboat. The prototype has since undergone various tests, including participation in the Monaco Energy Boat Challenge with the YCM E-Dock and the YCM E-Boat Rally, the nautical endurance event reserved for electric models.