Growing market for yachts, Sanlorenzo increases revenues and profits

Growing market for yachts, Sanlorenzo increases revenues and profits

Strongly growing numbers and an industrial plan oriented towards further development for the Sanlorenzo Yacht company of Ameglia (La Spezia), which builds luxury boats over 30 meters in length (its slogan is «made-to-measure, according to the style and wishes of its customers, each one as unique as a work of art"). In 2022 revenues rose to 740.68 million euros, +26.4% compared to the previous year, thanks to the increase in units sold, the growth in the average size of yachts and the increase in their price. The turnover exceeds the maximum range foreseen in November (between 720 and 740 million euros).

Strong growth also for the adjusted gross operating margin, which reached 130.22 million euros (+36.3%) and also in this case exceeds the maximum of the forecast gap (between 126 and 130 million euros). As for the net profit, it reaches 74.15 million euros (+45.4% on 2021). As at 31 December 2022, the net financial position was positive for 100.34 million euros, compared to 39.01 million at the beginning of the year. Investments also grew, which in 2022 reached 59 million euros, to be compared with 49.2 million a year earlier. The order backlog at the end of the year amounted to 1.07 billion euro, of which 617.39 million relating to the current year.

The board of directors of Sanlorenzo will propose the distribution of a dividend of 0.66 euro per share, up 10% on the previous year. The coupon will be detached on May 2nd and paid on the 4th.

In addition to the 2022 accounts, the company approved the industrial plan for the three-year period 2023-2025 which is expected to grow further: revenues should increase between 5 and 10% per year, supported by investments between 143 and 155 million of Euro; this is solely for organic growth, not counting any extraordinary operations. And in this regard, the CEO Massimo Perotti said: «There will most likely be an M&A operation in the next twelve months». Forecasts for 2023: Sanlorenzo assumes revenues between 810 and 830 million euros, an operating margin between 150 and 155 million euros and a net result between 84 and 86 million euros

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