SHERIDAN, WYOMING – Jan. 17, 2025 – Azimut|Benetti Group, a global leader in the luxury yacht industry, has announced impressive financial results for the 2023/2024 fiscal year, highlighted by record revenue and a strategic investment plan to fuel future growth.
Record Revenue and Strong Growth Trajectory
The Group reported €1.3 billion in revenue for the fiscal year ending August 31, 2024, marking a 55% increase over the past four years. This strong performance is attributed to a winning product strategy and a robust order backlog, which currently stands at €2.6 billion and extends to 2029. The company forecasts continued double-digit growth, with a revenue target of €1.5 billion for 2024/2025.
"After a period of unprecedented growth, we are now experiencing a physiological contraction of the market, which the Group can manage from a position of strength thanks to the significant order backlog," commented Marco Valle, Azimut|Benetti Group CEO. "In this scenario, the Group’s strategies have made and will make the difference: innovative yachts and the correct positioning of the Azimut and Benetti brands, a broad-based international presence and ongoing production evolution.”
Strategic Investment to Drive Innovation and Expansion
To further solidify its market leadership and capitalize on future opportunities, Azimut|Benetti Group has launched a €160 million investment plan for the period 2025-2027.
Key areas of investment include:
- Increased Production Capacity (€99.3 million): This investment will focus on expanding production capacity across the Group's shipyards to meet the growing demand for its yachts. It will also involve advancements in automation and the implementation of new technologies.
- Research & Development and New Product Development (€43.2 million): Azimut|Benetti Group remains committed to innovation, with a significant investment dedicated to R&D and the development of new, cutting-edge yachts that push the boundaries of technology and design.
- Digitalization (€13.9 million): The Group will invest in digitalization projects, including the increased use of virtual reality in prototyping, design, and communication with yacht owners.
Azimut: Leading the Way in Sustainable Yachting
Seadeck 7: A Milestone in Hybrid Technology
Azimut's Seadeck 7 is a groundbreaking yacht that showcases the company's commitment to sustainability. This innovative vessel features a revolutionary hybrid-electric propulsion system developed in collaboration with Volvo Penta.
"When it comes to reducing CO2 emissions, our approach is aimed at generating tangible results now, also by developing new solutions that we are already implementing at a prototype stage," said Azimut|Benetti Group Chair Giovanna Vitelli. "Boats under 24 meters are the most prevalent in our waters, therefore making a difference in this segment of vessels means making a difference for many owners. The Volvo Penta hybrid-electric package installed on the Seadeck 7 has a mode of use similar to that of cars, meaning that it shifts from electric to diesel engine based on speed. It guarantees simplicity of use, reduced consumption and CO2 emissions, and improved life on board. Everything is in place to change the rules of the game.”
The Seadeck 7's hybrid system allows for:
- Electric cruising and mooring: The yacht can operate in full electric mode at speeds up to 11 knots.
- Reduced emissions: The hybrid technology can reduce CO2 emissions by up to 40% compared to traditional yachts of similar size.
- Silent operation: The yacht can run solely on battery power for up to 12 hours while at anchor, providing a peaceful and eco-friendly experience.
Fly 62: Redefining the Flybridge Yacht
Azimut also unveiled the Fly 62, a stunning new addition to its Fly Series. Designed by Alberto Mancini, the Fly 62 features a sleek and modern exterior inspired by automotive design trends.
One of the most innovative features of the Fly 62 is the Beach Cockpit, which seamlessly connects the interior living space with the water. The stern platform opens outwards, and the sofa lowers to create a spacious sunbathing area just steps from the sea.
The Fly 62's interior, designed by Fabio Fantolino, emphasizes open spaces and a connection to the surrounding environment.
Benetti: The Shape of the Future
Benetti, the other prominent brand within the Azimut|Benetti Group, is hosting a media conference titled "The Shape of the Future" on September 26th in Monaco. The event will focus on innovation and design, with a spotlight on advanced technologies shaping the future of yachting.