Ferretti Group Production Continues Amid Coronavirus Crisis
by Miranda Blazeby
The Ferretti Group has announced that its manufacturing sites are open and production work is continuing amid the coronavirus pandemic.
A statement released by the company said it had implemented “strict hygiene and safety procedures” at its sites and tightened insurance cover for all employees as it copes with the outbreak.
The group reported revenues of €649.3 million, an increase of 6.5% year on year, while EBITDA also increased 16.3%, reaching a total of €62.2 million in 2019.
Net profits fell slightly, from €30.7 million in 2018 to €26.6 million in 2019. Net debt also came down significantly, from €264.9 million to €80 million, thanks to a capital injection from shareholders totalling €252 million.
Elsewhere, the order intake for 2019 totalled €691 million, an increase of 20.4% year on year, which the group attributed to the “continuous development and launch of new models”.
The Ferretti Group's chief executive, Alberto Galassi, said the results offered “a much-welcomed injection of energy and faith, confirming the solidity of the Ferretti Group.”
He also referenced the group’s Wave of Caring campaign, which has seen Ferretti Group donate to Italian hospitals near its shipyards.
He added: “We are ready to unleash again our full capacity as soon as this period will be over, protecting the health of our people as well as keep serving our customers around the world."