Ferretti SPA approves the unaudited consolidated periodic financial information as of March 31, 2024
by Ferretti Group 17 May 2024 05:02 PDT
Ferretti Group fleet © Ferretti Group
With an adjusted EBITDA margin of 15.4% and an adjusted EBITDA of €48.2 million, Ferretti Group, in the Q1 2024, confirms its growth path. The Order backlog surpassed €1.6 billion, a 10.2% increase when compared to 31 December 2023.
- Net revenue new yachts equal to €313.0 million, an increase of 11.7% when compared to Q1 2023.
- Adjusted EBITDA of €48.2 million, representing an increase of 20.5% when compared to Q1 2023 and with a margin of 15.4%, representing an increase of 110bps when
compared to Q1 2023.
- Net profit equal to €22.2 million, an increase of 19.4% when compared to Q1 2023.
- Order intake reached €266.6 million in Q1 2024.
- Net financial position of €205.7 million of net cash in Q1 2024.
- The Group confirms its 2024 and mid-term guidance.
The Board of Directors of Ferretti S.p.A. - met today under the chairmanship of Tan Xuguang, who came to Italy for the inauguration of the new shipyard in La Spezia - reviewed and approved the unaudited consolidated periodic financial information as of March 31, 2024.
The consolidated key financial highlights of the Q1 2024 as follow:
Mr. Alberto Galassi, the Group's Chief Executive Officer, stated: "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.
With revenues of €313 million, up 11.7% on the first three months of the previous year, and margins constantly rising to 15.4%, 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%.
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".
1 Sums might not add up to total due to rounding.
2 Revenue without pre-owned business
3 Excluding listing expenses and related costs, Management Incentive Plan and other minor non-recurring events