Nimbus sales down but market set to recover

Nimbus Group sales decreased by 18% to MSEK 623 (756) during the second quarter 2024 but says there are signs the market is about to recover.

EBITA amounted to MSEK 45 (83) with the EBITA margin down to 7.2%, compared to 11% in 2023.

Organic growth was down 18% while for the first six months of the year, organic growth was down 17%.

“The second quarter was characterised by a wait-and-see attitude in several major markets which had a negative effect on both sales and profitability,” said Jan-Erik Lindström, president and CEO of Nimbus Group.

“The quarter contained some bright spots however, including increasing market share for the Nimbus brand in the premium segment in the North American market and the first signs that the Nordic market may have bottomed out.”

Highlights of the quarter included the showing for the first time of the Nimbus 495 Coupé and the first boat delivered to a customer.

Production at EdgeWater was gradually ramped-up following the planned production stop in the quarter one to balance inventory levels to the order book and the first US-made Nimbus model T8 were completed at Edgewater’s production facility.

In addition, production of value boats in Finland was started again with smaller series of boats being produced.

“The quarter was characterised by generally weaker markets and continued hesitancy in order placements,” added Jan-Erik.

“At the same time, there are signs among our own dealers that the market is about to recover.”

He added: “Our order book also gives an indication of what we have achieved – in June 2023, our order book was almost three times larger than in June 2020, i.e. before the pandemic had influenced customer behaviour.”

The boatbuilder is looking at potential merger and acquisition opportunities and creating three new business areas – two in sales – retail and commercial – and one in production.

“Nimbus has changed considerably over the past decade, but the winds of change are constant in our industry and as sure as Nimbus Group was a very different company ten years ago, we will be yet another company in ten years from now,” concluded Jan-Erik. “The factor that determines how well we succeed is our ability to continue developing in pace with our business environment and customers, and based on what we have achieved so far, I feel confident about our journey moving forward.”