The Ferretti Group has announced that it will end the year with a profit for the first time since 2009. CEO Alberto Galassi said that the company had sales of €359m for the first nine months of 2016, compared to €277m for the same period a year ago.

Ferretti Pershing 140 Monaco

Ferretti sold the Pershing 140 at Monaco

The Ferretti Group has announced that it will end the year with a profit for the first time since 2009. Alberto Galassi, Ferretti CEO, made the announcement, along with other news, at the Monaco Yacht Show.

Galassi said that the company had sales of €359m for the first nine months of 2016, compared to €277m for the same period a year ago. Its EBIT was €21.5m compared to a loss of €13.4m. The company expects to report net income of €10.5m for the year.

Galassi also announced that production of its Riva, Pershing and Custom Line Navetta yachts would all be moved to Ancona where the CRN custom yachts are built. It will be known as the Ferretti Superyachts Division. The new division will also do superyacht refits. “It will transform Ancona into a superyacht shipyard,” Galassi said.

The Group currently has six superyachts under construction in Ancona. Galassi said that the Group plans to acquire other facilities in Ancona in order to meet increased demands for its products. “We’re on the market to buy in Ancona,” said Galassi. “This group is growing. The shrinking days are finito and the growing days are here. We’ve learned from our past mistakes and are more focused on customer needs than ever before.”

The Superyacht division had sales of €61.4m in 2015 and the Group expects that to reach €132.8m by the end of the year. Custom Line has seen a resurgence, according to Galassi, being behind Riva as the second-largest money earner for the Group. The company announced on Thursday the sale of its new Pershing 140 model at the Monaco Show.

Galassi said that Ferretti will continue to invest heavily in new-product development. “We spend €28 to €30m annually on R&D,” he said. “That’s never heard of for a €500m company.