Azimut-Benetti Group reports strong year

Publish date:

Azimut-Benetti Group said the “value of production” for its combined stable of brands was up 18 percent to €850 million, or about $985 million, for its most recent fiscal year. The company’s adjusted EBITDA was €50 million ($58 million), according to a statement. The group reported its financial position at a press conference during the Cannes Yachting Festival.

Azimut-Benetti said it maintains a leadership position among builders that offer yachts larger than 79 feet, with sales up 20 percent over the previous year. It sold 261 boats last year.

Azimut-Benetti had 68 orders in the 79- to 131-foot segment, noting it was a “sharp increase” over last year. The company attributed the gain in that segment to the “commercial success” of its Azimut Grande range. It said that it sold 10 and 21 units, respectively, of the 115- and 88-foot models since the yachts launched earlier this year.

The Benetti superyacht line sold 14 models in the last six months. Azimut-Benetti also has three gigayachts (larger than 300 feet) under construction.

“Benetti will continue to pursue its tradition of excellence, with a new management team strengthened by professionals of proven experience and multiple unique projects in the pipeline,” said Paolo Vitelli, Azimut chairman, in the statement. “Azimut will continue to grow and consolidate its positioning, ensuring that the group’s overall range continues to be the broadest and most comprehensive in the world.”

The group gave the following accounting of its sales: 38 percent in the Americas, 33 percent in Europe, 16 percent in the Middle East and 13 percent in the Asia Pacific. Its facility in Brazil increased production by 24 percent in the last year, with 36 yachts built.

Fraser Yachts, which Azimut-Benetti acquired in 2017, reported a record year. The brokerage firm sold more than 50 yachts larger than 79 feet.

Azimut-Benetti has invested more than €104 million ($120 million) over the last three years. The group invested €32 million ($37 million) in production and €72 million ($83 million) in new-product development. In the 2019-2021 period, it will invest another €122 million ($141 million): €28 million ($32 million) in production capacity and €94 million ($109 million) on the development of 10 Azimut yachts and seven Benetti models.


The Calm Before the Storm?

Although key measures continued on an upward trajectory and unemployment numbers have fallen, the overall outlook for 2020 remains volatile.