Ferretti Group experienced strong growth in 2017

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Ferretti’s Custom Line is working on a new 106-foot yacht.

Ferretti’s Custom Line is working on a new 106-foot yacht.

Ferretti Group said it will hire 80 people across its five Italian shipyards after it experienced double-digit growth in 2017.

The company gave financial results from 2017 and its outlook for this year during an investment meeting in Milan on Tuesday.

The group registered a consolidated production value equal to 623 million euros last year, about $767.6 million, demonstrating 10.8 percent growth compared to 562 million euros ($692.5 million) in 2016.

Earnings before interest, taxes, depreciation and amortization grew 11.3 percent compared to 2016, reaching 59 million euros ($72.7 million).

In 2017 the group’s profit after taxes was 24 million euros ($29.6 million) and a growth of 71 percent.

The company said that 2016 marked the first year of net profit since 2008; in 2015 it had a 29 million euro operating loss (-$35.7 million) versus a 14.1 million euro profit ($17.4 million) in 2016.

The company’s total assets reached 971 million euros ($1.19 billion), of which 46 million ($56.7 million) composed by liquidity assets.

"The fantastic results of 2017 satisfy us but do not surprise us, because they are the mathematical and natural product of the extraordinary commitment that the whole group has expressed over the last years,” said Ferretti Group CEO Alberto Galassi in a statement.

“The numbers prove it: thanks to the decisive support of the Weichai Group and Mr. Piero Ferrari, the company has achieved a record profit this year, rose to 24 million euros,” Galassi said. “By decision of the shareholders, the cycle profit will be entirely reinvested in research and development on new models, which will be added to the 30 developed in recent years. The production capacity of the group's six shipyards and the workforce also grew, demonstrating that yachting, if managed at best, creates important job opportunities in Italy as well.”

From 2015 to the end of 2018, 90.8 million euros have been invested and allocated to new investments in R&D and in new products development, for a total of 30 new models, including eight in 2018

The outlook for 2018 foresees a production value of 704 million euros ($867.2 million).