Paolo and Giovanna Vitelli can definitely be proud of an excellent year for Azimut | Benetti Group.
The accounting period closed with value of production estimated at €850 million (+18% on the previous year at constant exchange rates) and an adjusted EBITDA of €50 million. Volumes are also up and stand at 261 new units.
“As our fiftieth anniversary in business approaches, I am very proud of our achievements,” said Paolo Vitelli, “and now more than ever I think that the complementary nature of Azimut Yachts and Benetti is a key asset. Benetti will continue to pursue its tradition of excellence, with a management team strengthened by professionals of proven management experience and skill and multiple unique projects in the pipeline. In parallel, 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. I am also delighted with the excellent performance reported by the other companies in the Group (Fraser, Lusben, Yachtique and the Marinas), which contribute to making us a uniquely distinctive player on the market”.
“I think the stability we have achieved at Group level is the premise for ongoing organic growth,” confirmed Giovanna Vitelli “Our distinctiveness, the result of our courage and daring in introducing new technology and design solutions, represents the added value that the market continues to recognise in us”.
During the last year Azimut|Benetti has had the leadership of the segment over 24 meters with sales up 20% and has also won 17 awards. We should mention that the company has gained more than 50 awards during the last 5 years. Against this positive backdrop, sales in the Megayacht sector represent a standout result, with 68 orders in the 24 to 40-meter segment alone, another sharp increase on last year’s figure.
The strengthening of the Group’s position in this segment, confirmed by its placing at the top of the Global Order Book ranking announced last December for the 18th year running, is attributable to the commercial success of the Azimut Grande range, and the 35 and 27-meter models in particular, with 10 and 21 units sold respectively since their market debut, and of the Benetti range, which as well as boasting a full 14 yachts sold in the last six-month period, or a total of 570 linear meters (longer than five football pitches), has three Giga yachts under construction, all at an advanced stage of fitting out and one of which will be the world’s largest hybrid yet built.
Another source of great satisfaction is Fraser Yacht, wholly-owned by Azimut|Benetti Group after its acquisition in 2017, which reported a record year and continues to lead the world professional broker rankings for the 8th year running. During the year, Fraser sold more than 50 yachts over 24 meters, almost twice as many as most of its top ten competitors in the industry. Fraser also represented the largest yacht sold, the 106-meter ULYSSES.
The Marina operations owned by the Group also reported good performance and will shortly be joined by a beautiful new arrival in La Valletta (Malta) accompanied by a new company under Maltese law to finance the purchase of Azimut and Benetti yachts through local leasing contracts. The Group has invested over €104m over the last three-year period and another €122m will be invested. 28m are going to be put in production capacity and the remaining €94m on the development of 10 Azimut Yachts and 7 Benetti models to renew the range.