Med Group. Luca Galimberti and the return to profitability
Med Group takes stock and closes the 2017 fiscal year – the first one run by the new Management – with a sturdy return to profitability and a positive growth forecast for 2018 thanks to the latest innovations supported by a notable recovery in investment spending.
The renewed business spirit is immediately perceptible in the Milan headquarters of the group where, within two totally renewed production facilities, production ranges from the historic Arimar life rafts, core product of the group, to the design and construction of the Easy Tender line, the full custom tenders of the Nano line, and RIBs intended for the recreational market (Solemar) and public administration (Med Defense). Production sites are completed by an area specifically dedicated to a wide range of accessories designed for yachting and maritime safety.
I was welcomed by Luca Galimberti, CEO of Med S.p.a, who kindly invited me to sit down in his glazed office, showing himself willing to answer my questions.
A year and a half after you joined the company, the trend is positive. What was the secret of this turnaround?
There was no secret, it was just the application of the best business practice. We got a company that had lost some of its identity but still had a staff who was deeply bonded to it. We had therefore the possibility to set some precise strategic guidelines for our activity. The key feature of this reality is the active participation of its staff at all levels and this is also what our stake holders appreciate the most.
How did 2017 close and which results did you achieve?
2017 closed positively in all respects. We have redefined the business lines of the society, we’ve implemented the relationship with public administration, especially with regard to the defense sector where we are very active and present.
We have given an identity back to our core product, which is life rafts, not only by launching new marketing and communication campaigns but also by performing product innovations that will be emphasized in the next months. Financial figures have been positive, with a 42% growth in profits in comparison with the previous fiscal years. Furthermore, we’ve optimized the cost structure of the society as well as the management of financial flows. Investment spending has grown, too, and this has enabled us to renovate our technological stock and focus on the research and development activities that hadn’t been dealt with appropriately over the last years.
Results are certainly encouraging and outline a clear economic recovery. But, how is 2018 going?
2018 is a season that, at European level, started
a little more slowly than the previous one, even if we’re recovering now. It’s a positive year that has made us aware of how fast the market runs and how necessary the creation of new products is.
We realize that the market of small tenders and maxi RIBs needs positive achievements and this is why we’re focusing on the development of new lines that will take shape in 2019 yachting season.
What about future? What are your plans for the next national and international yachting events?
We will join the Genoa International Boat Show with some interesting novelties which are the result of the investments we have undertaken.
We’re proud to reconfirm our participation to METSTRADE in Amsterdam. We’ll join Ibex in the States for the first time. This year, we’re pursuing a highly ambitious programme that will see us at the major leisure marine equipment shows both in Europe and overseas. I look to the future with confidence; despite the crisis and the foolish politics of the Italian government, Made in Italy goes back to being appreciated by global markets and, at least with regard to our products, there are still many markets to penetrate.
Who’s Luca Galimberti outside Med Group? What do you do in your rare free time?
I’m a lover of sea and an experienced scuba instructor, even if my education was something completely different. After I got my business degree, I earned a master in management, finance and control. When I joined the world of yachting, I was fascinated by the fact that, despite being a niche sector, it still has great potential for growth. Even if it takes much of my time, I carve out some time for my two passions: my love for skiing and motorcycles.