Skip to content

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.

Facebook
Twitter
LinkedIn
Email
Cooper Island Beach Club Eco-Resort

Cooper Island Beach Club Eco-Resort

Nestled along the pristine sandy northwest shore of Cooper Island, the family-owned Cooper Island Beach Club invites discerning travelers to…
THE PEDDLER | Dreamliner 26m | Caribbean Sea | Charter Yacht with Boston Whaler Tender

THE PEDDLER | Dreamliner 26m | Caribbean Sea | Charter Yacht with Boston Whaler Tender

THE PEDDLER is a 26m power yacht with crew, perfect for a charter for 2 families as she has 2…
Rent sailing catamaran with crew | RESPITE AT SEA | Lagoon 560 in owner version

Rent sailing catamaran with crew | RESPITE AT SEA | Lagoon 560 in owner version

The Lagoon 560 RESPITE AT SEA with crew is perfect for a diving vacation in the British Virgin Islands with…

Subscribe To Our newsletter

BE ALYWAYS UPDATED

Back To Top

Stay in touch with Marine Project

If you want to keep updated of the Marine Project latest news, special offers, investment, please take a minute and confirm your newsletter subscription today.

Marine Project Inc. will use the information you provide on this form to be in touch with you and to provide updates and marketing.
You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us