Ferretti Group is on track to hit €600m in revenues for 2017 – up from €568m last year, CEO Alberto Galassi confirmed to IBI at the Cannes Yachting Festival this week. The builder is showcasing six new launches comprising two Ferretti Yachts (the 780 and 920), the Pershing 9X, two Riva models (Rivale 56, Corsaro 100) and a Custom Line Navetta 33. A refreshed version of the Ferretti 550 also joins the builder’s biggest-ever fleet of 25 yachts at the show.

Galassi was in confident mood on Tuesday morning when he presented the builder’s financial results together with chief commercial officer Stefano de Vivo, proclaiming that the group is at an earnings level not seen in 15 years.

Galassi said the group achieved significant growth in profits after tax (PAT) for 2017. In the first eight months of 2017, profits had risen 57% to €16.5m compared with €10.5m in the corresponding period of 2016. This eight-month result was also above the 2016 full-year profit of €14.1m.

Consolidated revenues for the first eight months for the whole group including CRN were up 10% year-on-year reaching €344m in 2017 compared with €313m in 2016.

The EBIT showed a 16% rise on the consolidated results to €24.5m in 2017 versus €21.2m in 2016. The Ferretti Group ex-CRN achieved €25m in 2016 and €27.2m which were reduced by CRN losses of €3.8m in 2016 and €2.7m in 2017. Similar figures for the EBITDA showed group figures of €37.7m in 2016 and €39.3m in 2017 which, after losses by CRN of €3m in 2016 and €2m in 2017, reduced to a consolidated result of €24.5m in 2017 compared with €21.2m in 2016 which was a year-on-year rise of 7%.

The statistics presented showed that in a comparison of the first eight months of 2017 compared with 2016 that Ferretti Group ex-CRN saw a PAT of €19.4m and €14.6m respectively. After taking account of €4.1m losses in 2016 and €2.9m losses in 2017, the consolidated group result was €10.5m for 2016 and €16.5m for 2017.

Galassi made a point of thanking the group’s two shareholders, Weichai from China and Ferrari in Italy, for their support which included a €50m investment to support product development and facility upgrades. “The shareholders are not taking dividends and they are reinvesting all the profits,” Galassi said.

Looking at group sales by region, 53% of sales were in Europe, 28% in the Americas and 19% in Asia Pacific.

Reflecting Ferretti’s strengthening position, the group has the largest fleet of craft on display at CYS with 25 yachts ranging in size from 8m (27ft) to 37m (122ft) from Ferretti Yachts, Custom Line, Itama, Riva and Pershing.

In total through 2015-18, Ferretti will deliver 32 new models with six in 2015, nine in 2016, eight in 2017 and nine in 2018. Of this total, eight were Ferretti Yacht models, seven from Pershing, 11 from Riva and six from Custom Line.

In regard to new models launched, Ferretti COO Stefano de Vivo reported on the new models delivered over the past year plus news of some new ones. His review covered:

  • Ferretti Yachts 780
  • Ferretti Yachts 920
  • Ferretti Yachts 550 to be launched in 2018. This previously sold over 20 models and has been upgraded
  • ‘Something unbelievable’ to celebrate Ferretti Yachts 50th anniversary
  • Pershing 9X which makes wide use of carbonfibre in both the hull and infrastructure. Three sold and the fourth sale near
  • Riva 56 Rivale which includes new collaboration with Abarth Cars and their 695 Rivale motor. 29 units sold in 14 months
  • Riva 100 Corsaro – world launch in Hong Kong and 10 sold in 18 months
  • Riva 110 Dolce Vita – a new model for 2018 and eight sold already
  • Custom Line Navetta 33
  • Custom Line Navetta 42 – new for 2018