Azimut Benetti Group yesterday announced the results of its 2023-24 fiscal year during the Cannes Yachting Festival in Cannes, France.
Revenues for the year were €1.3 billion ($1.43 billion), up 55% from €840 million ($925.72 million) in fiscal year 2020-21.
Gross operating margin (EBIDTA) for the fiscal year was up 30% year-over-year. The company credits the increase to business growth and increased efficiency at its yard operations.
The company said it has a €2.6 billion ($2.87 billion) order backlog that extends into 2029.
“After a period of unprecedented growth, we are now experiencing a physiological contraction of the market, which the group can manage from a position of strength thanks to the significant order backlog,” CEO Marco Valle said in a statement. “In this scenario, the group’s strategies have made and will make the difference — innovative yachts and the correct positioning of the Azimut and Benetti brands, a broad-based international presence, and ongoing production evolution.”
The company added that it has launched an investment plan worth nearly €160 million ($176.32 million) to support is strategic plans. Most of the investment €99.3 million ($109.45 million) is earmarked to boost production capacity. A further €43.2 million ($47.61 million) will go to research and development, while €13.9 million ($15.32 million) will be invested in digitization projects, such as virtual reality design technology.
The company provided revenue guidance for the upcoming fiscal year of €1.5 billion ($1.65 billion).
