Revenues up for The italian sea group
CEO Costantino: 'We are working to finalise some negotiations between the end of 2024 and the beginning of 2025. 2024 guidance confirmed
3' min read
3' min read
Turnover and EBITDA of The italian sea group (Tisg), the company founded and led by Giovanni Costantino, specialised in the construction and refit of boats up to 140 metres, grew in the first nine months of the year. The orderbook, meanwhile, reached €1.27 billion. The company's financial debt is also rising, mainly due to the payment of dividends and investments made during the period examined by the board of directors, which approved the financial figures.
Nine months of growth
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"Another positive quarter," emphasises CEO Costantino, "for Tisg, which recorded results in line with expectations. Following the excellent feedback obtained last September at the Monaco yacht show, with the presentation of superyachts with extremely refined aesthetics and an excellent level of quality, we are working to finalise some important negotiations, between the end of 2024 and the beginning of 2025, which will give us further impetus to consolidate the 2025 guidance".
Then, adds Costantino, 'the success of the semi-custom lines continues, such as the Panorama project and the Admiral Quaranta project; regarding the latter, the keel-laying ceremony of the first yacht under construction was held at the end of October.
During the first nine months of 2024, therefore, the group reported revenues of €292m, up 11.4% from €262.2m in the same period of 2023. Revenues from the shipbuilding division, the company announced, amounted to €257.3 million (+12.2% compared to the first nine months of 2023). A result 'attributable to the smooth progress of ongoing orders'. Revenues from the refit division amounted to €34.8m (+5.8% compared to the first nine months of 2023).
Ebitda amounted to EUR 50.1 million, up 16% compared to EUR 43 million in the same period of 2023, with an Ebitda margin of 17.2%. "The increase in operating margins over time," the board's report clarifies, "is attributable to a strong focus on operating cost management; improved efficiency in production processes; benefits from the investment strategy in production capacity with an optimal mix of synergies between shipbuilding and refit activities; and economies of scale.
