Ferretti releases H1 results – with order backlog of €1.2 billion
Ferretti Group has released its financial results for H1 2022, posting double-digit net revenue and EBITDA growth for the period with an order backlog at €1.2 billion.
According to the Italian boatbuilder, the order intake reached €641.9 million – an increase of 30 per cent on H1 2021. Overall, the company’s net revenue of €534.9 million in H1 2022 is up 17.0 per cent on the same period last year.
Ferretti reports adjusted EBITDA (earnings before interest, tax, depreciation and amortisation and non-recurring items) of €69.0 million, an increase of 30 per cent on H1 2021, with a marginality of 13.5 per cent, up 110 basis points year-on-year.
Alberto Galassi, the Ferretti Group’s chief executive officer, says: ”The market is at an extraordinary point, although our strong growth owes particularly to our hard work. We are investing in continued innovation and consistently unveil new models. We are confident that we bring the best of Italian boating to the world and achieve tangible results for our shareholders”.
The increased order intake was linked to ‘strong global market demand’. The order backlog comes from the company’s composite yachts, made-to-measure yachts and superyachts, as well as other businesses, including FSD and Wally Sail. The majority of the backlog is attributed to made-to-measure yachts, which reached €400.7 million at June 2022, or 33 percent of the portfolio, with composite reaching €389 million by 30 June 2022, equal to 32 per cent of the total order book.
According to the group, this strong performance is due to three main factors:
- Commercial: a longer waiting list due to the extensive order book, which means greater pricing power.
- Strategic positioning: a stronger presence in the most profitable segment, such as made to measure
- Industrial: economy of scale in procurement and more efficient absorption of fixed costs.
Net profit stood at €29.9 million in H1 2022, growth on H1 2021 (€23.4 million), with a margin of 5.9 per cent in H1 2022, increasing 40 basis points on H1 2021 (5.5 per cent).
The company launched a successful $993 million IPO in Hong Kong earlier this year.
