TISG Admiral Kensho motor yacht

The Italian Sea Group reports 78% increase in profit for H1 2023

8 September 2023 • by Gabrielle Lazaridis

As of 30 June 2023, The Italian Sea Group (TISG) has confirmed a 78.4 per cent increase in profit compared to this same point last year, reaching a net result of €13.6 million according to its latest financial report. 

The results were driven by a strong topline performance, where consolidated revenue in the first half of 2023 amounted to €165.9 million. Compared to the previous year, this figure represents an increase of 24 per cent, which the Group attributed to "a growing and resilient client base" across both of its shipbuilding and refit divisions. 

The in-build 55m Silver Star will debut at the 2023 Monaco Yacht Show

The largest proportion of revenue came from the Group's shipbuilding operations, which covers the regular progress of existing projects and sale of new contracts for all brands held by TISG including Admiral, Tecnomar, Perini Navi and Picchiotti. New-build activity collected more than €139.4 million in the first half of 2023, bolstered by an especially strong showing from Perini Navi, which had been acquired by TISG at the end of 2021.

According to the report, the Italian sailing yacht builder delivered €39.5 million in revenue for the first six months of the year, representing an increase of 198.5 per cent between H1 2022 and 2023. In addition to the continued progress of three in-build sailing superyachts, Perini Navi recently celebrated the launch of the world's largest aluminium sailing catamaran – set to debut at the upcoming Monaco Yacht Show. 

Read More/Balancing heritage with innovation: Giovanni Costantino on the acquisition of Perini Navi
TISG CEO Giovanni Costantino said this year's H1 results had "exceeded expectations"

The report also identified instances of growth across each of the geographical regions feeding into TISG's shipbuilding revenue. Europe led the way with an influx of €68.1 million in H1 2023, up 15.8 per cent from the same period last year, and was followed by the Asia Pacific (APAC) region with €39.2 million. Meanwhile, the Americas region jumped from €16.4 million as of H1 2022 to €32.1 million the following year for an increase of more than 95 per cent. 

The yard's cumulative income carried its EBITDA to €27.2 million in H1 2023, paired with a margin equal to 16.4 per cent. This was up from last year's EBITDA margin of 14.9 per cent, which the Group said is owed to the growing efficiency of production processes alongside increasing investments in production capacity.

The first model of Picchiotti's Gentleman series is on track for delivery in 2024

"Once again, the results achieved in the first half of 2023 exceeded our expectations as well as those of the market," said TISG founder and CEO Giovanni Costantino. "The development of the order book, which continues to grow thanks to our high industry positioning and a diversified and complete offering, grants a strong business visibility and leads us towards even more ambitious and challenging objectives, both from a commercial development perspective and in terms of financial results."

According to the report, the Group's total order backlog has grown by 20 per cent since the begininning of this year and now stands at a value of €1.24 billion, with deliveries extending into 2027. Of the 35 projects on order, BOATPro indicates that 15 have entered construction, including Admiral's upcoming flagship yacht, the 98-metre Project Titanium