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The Italian Sea Group claims a 65% increase in revenue

According to its most recent financial report, The Italian Sea Group (TISG) has acknowledged a revenue growth of 64.6% in the first three quarters of the year, with total revenues at €210.3 million entering Q4 of 2022.

The company’s two segments, shipbuilding and refit were said to have had “strong and consistent growth.” The progress of ongoing motor yacht and sailing yacht projects, the sale of two Admiral Panorama 50 motor yachts in the third quarter, and the consistently well-received Tecnomar for Lamborghini 63 all contributed to the Group’s shipbuilding division’s first-three-quarter revenue of €185.7 million, a 67.7% increase over 2021 figures.

As a result of a boost in refurbishment activities on yachts over 60 meters in length and a significant increase in manufacturing capacity at the Viareggio and La Spezia shipyards, its refit business contributed a lesser €26.6 million. Still, it represented a greater total growth of 176% above 2021 estimates.

The Italian Sea Group’s founder and CEO, Giovanni Costantino, praised the “solidity” of the organization’s strategy and highlighted the accomplishments of its line of manufacturing vessels. With the recent investment in two new manufacturing lines—the Gentlemen’s Picchiotti line and the Admiral Panorama—production projects are reportedly a primary area of concentration for TISG. Construction on these models will only begin following the signing of sales contracts.

As Costantino explained, “the implementation of these serial projects will allow a further acceleration of our growth path by enhancing two different growth drivers and thus continuing to focus our internal engineering capacity on deeply innovative custom-made yachts such as the new Perini fleet, that will soon be launched and, we believe, will bring more momentum to our order portfolio.”

The shipyard spoke in more detail on its progress following the acquisition of Perini Navi completed at the beginning of the year. The restyling of the Perini Navi fleet continues with the first model, a 56-meter ketch designed in collaboration with Malcolm McKeon Yacht Design. The partnership reprises and reinterprets some of Perini Navi’s original stylistic features.

TISG projects total revenues of between €280 and €295 million at the end of 2022, with an EBITDA margin of 15.5%, taking into account the third quarter results, the anticipated acceleration in the upcoming months due, and the consolidation of installments anticipated in the remaining three months of the financial year.

The progress of TISG’s expansion ambitions at all three shipyard locations is reflected in the €11 million in investments made in the first nine months of 2022, €4 million of which were made in the third quarter of 2022.

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