Ferretti Group Reports Strong First Quarter Growth
Italian shipbuilding group Ferretti Group has ended the first quarter of 2021 with strong growth on both economic and industrial fronts. Compared with the same period last year, Ferretti Group saw 40% growth in revenues from €133 million to €186 million.
In terms of strategic markets, the group has confirmed that European and Middle Eastern markets proved the most significant - comprising over half of revenue generated in the first three months of the year.
First quarter earnings before interest stand at €18 million - almost a staggering €13 million more than the same period in 2020. Ferretti Group’s new orders also currently total over €300 million, representing 56% of the entire 2020 order intake.
The figures thus far suggest a total bounceback from the industry-wide slump of last year, and point to an exceptionally prosperous year ahead for the group.
And the figures have no doubt been reflected by launches on the water. Ferretti Group has already reported a record number of launches, with 56 yachts and superyachts hitting the water in the first quarter. The figure compares to a still-respectable 43 launches in the first quarter of 2020.
Among the group’s new launches include several flagships; the latest Riva 50 Metri superyacht M/Y FIFTY, Ferretti Yachts’ largest build to date the Ferretti 1000, and Custom Line’s prized Navetta 30.
2021 has also kicked off to a strong start for the group’s newest recruit, Wally Yachts. The brand saw the sale of the 48th full custom Wally sailing superyacht, the first unit sold since Wally joined Ferretti Group.
Ferretti Group CEO Alberto Galassi commented on the growth in a statement: “Record-breaking first-quarter EBITDA and equally extraordinary new order growth - including an extremely significant order for a large Wally sailing yacht - tell the story of a Ferretti Group with the wind in its sails and everything points to a very positive 2021.”
He went on: “The launches are like the dates of a successful show, because this record number in just three months attests to the huge appreciation our boats enjoy and the strength of our production strategies. After excellent performance in 2019 and a basically stable 2020, we were expecting to grow, but this fantastic acceleration has beaten all our forecasts and gives everyone who works in Ferretti Group twice the satisfaction and energy.”
"After excellent performance in 2019 and a basically stable 2020, we were expecting to grow, but this fantastic acceleration has beaten all our forecasts..."