The Italian Sea Group reports growing results but stable net backlog in the first half of 2024.
The positive trend in revenues and EBITDA margin continues, thanks above all to the market push in recent years.
As is happening for other major nautical companies, The Italian Sea Group also saw clear growth in the first half of 2024, even if a slowdown can be seen in the pace of new orders acquired. The company, founded and led by CEO Giovanni Costantino, posted total revenues of €189,4 million in the first six months of this year (up 14,2% compared to €165,9 million in the same period of 2023). EBITDA reached €32,4 million (+19%) with an EBITDA margin of 17,1%, while EBIT rose to €26,8 million (+23,5%). Net income for the first half was €29,0 million (up 113,4% compared to €13,6 million in the January-June 2023 period), and the order backlog grew further to €1,32 billion (up 4,7% compared to December 31, 2023), while the net backlog stood at €611,4 million (up 0,4% compared to December 31, 2023).
Giovanni Costantino, founder and CEO of The Italian Sea Group (which owns the Picchiotti, Admiral, Perini Navi, Tecnomar, Nca Refit, and Celi 1920 brands), commented: "The positive trend continues, and the first half of 2024 marks a significant increase in revenues and EBITDA for The Italian Sea Group, along with significant growth in net profit. The EBITDA margin stands at 17,1%, within the range of the 2024 guidance communicated to the market, as are the forecasts for other indicators. We are also very proud to have achieved admission to the STAR segment, a significant milestone that confirms our compliance with rigorous requirements in terms of transparency, governance, communication, and financial strength—values that TISG has always pursued with determination. This achievement will allow us to increase our visibility in international financial markets and strengthen our commitment to shareholders and all stakeholders."
Regarding revenues, the Refit division's revenues amounted to €22,6 million, in line with the same period in 2023.
Regarding investments during the first six months of the current year, The Italian Sea group has spent 5 million euros for the expansion of the commercial offices in the headquarters in Marina di Carrara and for the further internalisation of the high value-added phases of the production process with the creation of the business unit dedicated to the Interior Steelworks, in addition to general construction site investments.
Finally, regarding the outlook for operations, the group maintains its focus on the large-scale market (yachts over 50 meters), which represents 82% of its orderbook, confirming its leadership as the leading Italian player in this segment. "This market segment," TISG writes in its statement, "has historically been immune to economic shocks and continues to demonstrate extreme resilience, thanks in part to the constant expansion of its client base, represented by Ultra High Net Worth Individuals. This client base has an expected growth rate of 5% over the 2023-2038 time horizon and a penetration rate of approximately 3%.
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