The second half of 2024 will be marked by a continued reduction in dealer stock levels and a return to seasonality for shipments.
That’s the outlook for Group Beneteau as the company released its latest financial figures.
The Group had an operating margin of over 10% for H1 20241, with an operating margin close to 9% for the Boat division, despite a 32% contraction in sales.
“Groupe Beneteau’s results for the first half of 2024 once again illustrate the relevance of the value-driven growth strategy rolled out over the last few years.
“They also highlight the outstanding adaptability of its 8,000 staff, who are once again showing their agility as they move forward faced with the major changes on the markets, particularly for the smaller units in the United States,” said Bruno Thivoyon, Groupe Beneteau CEO.
The Group is expected to continue to launch new models, with a very good response to those presented at the first autumn shows which is starting to translate into orders, he added.
For H1 2024, the Boat division recorded revenues of €557m, down from €813m in H1 2023.
The 32% drop is primarily linked to the changes in inventory within the distribution networks.
Excluding the reduction in inventory spend, sales to end customers show a contraction of around 4% for the period.
The change is due to the lower volumes seen on certain market segments such as small power units in the US and monohull sailing.
Following three years of strong growth, Housing division revenues stabilised at nearly €210m for the first half of 2024 (€215m in 2023).
Groupe Beneteau’s results for the first half of 2024 once again illustrate the relevance of the value-driven growth strategy rolled out over the last few years.
Bruno Thivoyon, Groupe Beneteau CEO
The slowdown in demand on the French market was offset by a 24% growth in export sales.
The Housing activity’s proposed sale to Trigano is still subject to approval by the French competition authorities, with a response expected during the second half of 2024.
Investments made by the Boat division during the period included the acquisition of a minority interest in the start-up Candela (€4m) and the finalisation of work to increase the flexibility of the French sites (€8m).
During the latter part of 2024, Beneteau says it is still seeing a wait-and-see approach, with dealers continuing to roll out their stock reduction plans.
High interest rates are expected to continue to affect end customer demand for small power units and monohull sailing models, as well as the ability of charter firms to renew their fleets.
The high-end market continues to be dynamic with new models receiving positive feedback.
Over the coming season, 14 new models will be launched with an addition to the PRESTIGE M-Line power multihull range.
There will be five new sailing catamarans from the LAGOON and EXCESS brands, offering a range from under 40ft to over 80ft.
And there will be a new model from the WELLCRAFT brand for the Dayboating segment as well as the continued development of the FOUR WINNS brand’s outboard catamaran range.
