Ferretti Spa approves the consolidated financial results as of June 30, 2024
by Ferretti Group 29 Aug 2024 17:50 BST
Ferretti Group fleet © Ferretti Group
The Board of Directors of Ferretti S.p.A. reviewed and approved the Half-Year Financial Report as of June 30 2024.
- Net revenue new yachts equal to €611.0 million, an increase of 7.7% when compared to H1 2023.
- Adjusted EBITDA of €96.7 million, representing an increase of 15.9% when compared to H1 2023 and with a margin of 15.8%, representing an increase of 110bps when compared to H1 2023.
- Net profit equal to €44.0 million, an increase of 7.6% when compared to H1 2023.
- Order intake of €514.4 million in the first half of 2024, with a second quarter showing a new growth trend, order backlog at €1.5 billion, +6.0% compared to 30 June 2023
- Net financial position of €237.0 million of net cash as of 30 June 2024, increased by ca. €31mln thanks to a cash releasing NWC and after dividend payment of ca. €33mln
- The Group confirms its 2024 and mid-term guidance.
Mr. Alberto Galassi, the Group's Chief Executive Officer, stated: "One year after the success of the double listing on the Hong Kong and Milan stock exchanges, Ferretti Group confirms its growth. Margins reached 15.8%, the best result ever for the Group's profitability, together with a net financial position of 237 million euros, improved by more than 30 million compared to last spring.
The second quarter of 2024 also shows signs of long-term growth, including the consistent recovery in demand from the North American market, which grew by more than 28%. The season of the great European boat shows is now upon us and sees Ferretti Group present itself with a range of innovative products that are technologically advanced, attentive to sustainability and, as always, beautiful. Extraordinary boats that, we are sure, will once again be rewarded by the international market".
The Board of Directors of Ferretti S.p.A. approved the co-option of Director Mr. Jiang Kui. Also, the Board of Directors has appointed the new Chairman of the Board of Directors in the person of Mr. Jiang Kui.