Groupe Beneteau’s latest financial results show 17% revenue growth in its Boat division in 2023 with sales exceeding forecasts.
Across the year, the Boat division’s revenues totalled €1,465 million with distribution networks building up inventory to pre-Covid positions.
The Group’s Sailing business represented 47% of sales, growing by more than 30% over the period, with catamaran segments growing by 39%.
The Excess brand doubled its sales in the year, while Lagoon continued with its growth and benefited from a strong level of demand from charter professionals leading to a 68% growth.
Business on the monohull market also continued to build on its strong growth – up 22%.
Over the year, the Motor business recorded 9% growth and the Real Estate on The Water segments, were up 17%, driven by the Prestige brand, which delivered its first power catamaran units from the M-Line range.
There was a 23% decrease in Dayboating units delivered, linked to the marked slowdown in demand for the smallest units, particularly in the US.
The Housing division recorded revenues of nearly €320m, up 24%.
“Groupe Beneteau had an exceptional year in 2023,” said Bruno Thivoyon, Groupe Beneteau CEO.
“The relevance of its value-driven growth strategy and the dedication, efficiency and effectiveness of its 8,000 employees enabled the Group, with the normalisation of the supply chain, to record historic revenues. Buoyed by this growth of over 18%, despite the slowdown in demand for the smallest units, the Group once again exceeded its latest forecast for an operating margin of 12%.”
Across Europe, there was 18% growth, which represented 50% of the Boat division’s full-year sales, while in North and Central America, there was 7% growth at constant exchange rates, generating 30% of sales.
The outlook is looking positive with double-digit operating margin confirmed for 2025.
“In 2024, we will celebrate the 140th anniversary of Groupe Beneteau, which is now better positioned to adapt to changes in its markets and which, moving forward, is expected to maintain a significantly higher level of profitability than the pre-Covid position,” concluded Bruno Thivoyon.
At the end of 2024, the Group will start production of three new sailing catamarans for Lagoon and Excess, as well as a full range of power catamarans, which will enable the Prestige brand to cover this new market segment.
The American brands Wellcraft and Four Winns will continue rolling out their changes.
There will also be a new 54ft Beneteau Grand Trawler and 35ft Jeanneau Sun Odyssey, together with continued development of the Delphia brand.
