Investment momentum
Azimut Benetti Group has reported €1.3bn in revenue for FY 2023/2024, with strong growth forecasts and a €160mn investment plan.
23 September 2024
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During the opening of the Cannes Yachting Festival, Azimut Benetti Group reported its financial performance for the fiscal year 2023/2024. The group achieved revenues of €1.3bn (A$2.1bn), marking an increase from €840mn in 2020/2021, representing a 55 percent growth over four years. The company also reported a backlog of €2.6bn, with orders extending to 2029.
The gross operating margin (EBITDA) rose by 30 percent year-on-year, driven by enhanced business growth and operational efficiency. Looking ahead, the group projects double-digit growth for 2024/2025, setting a revenue target of €1.5bn.
Azimut Benetti’s backlog is distributed across Europe (40 percent), the Americas (37 percent), and MEA/APAC (23 percent). Over the next three years, the group says it will implement a €160mn investment plan, focusing mainly on increasing production capacity at its shipyards. Of this, €99.3mn will be allocated to automation and technological advancements. A further €43.2mn will be invested in R&D and product development, while €13.9mn will go towards digitalisation, including the use of virtual reality in prototyping and communication with clients.
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“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,” says Azimut Benetti Group chief executive Marco Valle.
At Cannes, the group introduced the Seadeck 7, a yacht that integrates hybrid-electric propulsion with Volvo Penta’s IPS system, offering up to 40 percent reduction in CO2 emissions. The system allows the yacht to operate in full electric mode at speeds up to 11 knots. When anchored, the batteries can power all systems for up to 12 hours.
“The Volvo Penta hybrid-electric package installed on the Seadeck 7 has a mode of use similar to that of cars,” explains Giovanna Vitelli, chair of Azimut Benetti, highlighting the importance of such innovations.
“Everything is in place to change the rules of the game.”
During Cannes, Azimut also presented the Fly 62, designed by Alberto Mancini, featuring a connection to the sea through the enlarged “Beach Cockpit.” Architect Fabio Fantolino was responsible for designing the interiors, which emphasise open spaces and minimal visual barriers.
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