L’ECONOMIA DEL CORRIERE DELLA SERA – INTERVIEW WITH THE FOUNDER & CEO
THE ITALIAN SEA GROUP DOUBLES WITH PERINI
The effects of the acquisition of the Viareggio shipyards are already on the accounts of the quarter: revenue growth more than 96%.
“Great dreams should never come to an end”, phrase often repeated by Giovanni Costantino, Founder e CEO of The Italian Sea Group, global operator in the luxury yachting industry, listed on Euronext Milan and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. And his great dream has taken up speed again after two difficult years of the pandemic, to the point that the first quarter of this year has registered total revenues of 69 million euros, and that makes + 98.6% with respect to 34.7 million euros of the first quarter 2021.
“The first quarter results – states Constantino – confirm the effectiveness of our strategic vision and the growth project that we are carrying out. The acquisition of Perini Navi is already showing a very positive impact on our activities, both in terms of revenues and with regards to our positioning on global markets.”.
The acquisition of Perini Navi in 2021 has represented a further quality step forward for the Tuscan Group which has took over one of the world leaders in the design and production of sailing yachts of big dimensions, already holder of Picchiotti Yacht, historical brand of the Italian yachting industry.
“I am very proud of this operation. We wanted to push forward with the investment, but we have approached the auction with absolute determination to acquire all of the asset considering our consolidated competence and the new contracts, in particular in the segment of large sailing yachts.” – explains Costantino. – “The new production spaces will allow us to increase incoming order for the future in a very dynamic segment, as proven by the two orders for sailing yachts that we signed in December. We are therefore confident to have made the right decision, driven by an incoming order that has exceeded expectations by 50%.”
The Italian Sea Group is the first Italian builder of superyachts over 50 meters. The Group operates on the market with two complementary historical brands: Admiral, famous for producing prestigious superyachts over 50 meters in length with a classic style and Tecnomar, known for its sportiness, cutting-edge design and high performance of its yachts up to 45 meters in length. A production diversity and a wide range of models that allowed the Group the adventure of listing.
“The listing allowed us to acquire more visibility and to further strengthen the confidence of the international market. All our customers are foreigners and the listing, which is synonymous with a transparent, certified and structured Company, can only be a source of increased security and competitive advance for us. The access to the capitals market provided us a tool aimed to support growth. The 2021 IPO, with about 45 million of collected proceeds, has already shown that it has been an essential step in accelerating the development of TISG, since those means have helped to finance a significant part of the 80 million euros for the Perini Navi acquisition”.
The construction of yachts of big dimensions would seem a strange choice because it is not a sector with an Italian vocation. “We have made a choice and the market is proving us right. 2021 has been extremely positive, 2022 will be even more so. Mega yachts represent a market segment that, in terms of design and production, is the most difficult but also the most selective.”