Azimut-Benetti sales grow 25 per cent

Italian yacht building group Azimut-Benetti has reported an increase in end-user sales of 25 per cent for the 2009/2010 nautical year.

EBITDA also increased from €35m to €45m and the company's net financial position improved, with net debt reduced from €70m to €40m, the equivalent of just over 10 per cent of the group's equity.

Overall turnover decreased from €600m to €500m.

Azimut-Benetti says that the company has successfully completed the programme of reorganisation introduced a year-and-a-half ago as a response to changes in the marine market. A 'destocking' operation has also been completed.

The group has equity of €300m, which covers over 60 per cent of the total net assets or twice the fixed assets.

The company describes superyacht brand Benetti's performance as 'outstanding', with five superyachts over 47m (154ft) delivered in the last four months and three new Delfinos purchased on paper by clients in China, Australia and the US.

"We have high hopes for the new season which, according to our forecasts and above all on the basis of the first feedback from the Cannes boat show, should result in a production value increase in the order of 20 per cent, in line with the sell-out of the last season," said chairman Paolo Vitelli in a statement.

The Azimut-Benetti Group owns the Azimut Yachts, Benetti and Atlantis boat brands and Fraser Yachts services.

(30 September 2010)