Revenues fell 32% for Group Beneteau in the first half of 2024, linked to the expected changes in dealership inventory levels. The fall follows a record year in 2023, with the drop in demand seen particularly in the US for small units.
Revenues for the Boat division are expected to be around €1bn for the year, with ordinary operating margin now expected to reach 3% to 6%, with 5% to 8% excluding the impact of the American brands, which are expected to record an operating loss of around €15m for the year.
“The macroeconomic and geopolitical uncertainty is weighing on the entire boat sector, in both Europe and the United States,” explained Bruno Thivoyon, Groupe Beneteau CEO.
“The distribution networks started, as expected, to scale back their inventory during the first half of 2024.
“Following a record year in 2023, our sales to end customers (sell-out) showed a good level of resilience faced with the market slowdown during the first half of the year thanks to our premiumisation strategy.
The macroeconomic and geopolitical uncertainty is weighing on the entire boat sector, in both Europe and the United States.
Bruno Thivoyon, Groupe Beneteau CEO
“Only our American brands, with the majority still positioned on the segments for small units in the United States, where the transformation of the product offering is being ramped up, were significantly affected.”
For the Motor business, first-half sales were down 39%, while the number of units delivered contracted by more than 60% over the period.
Revenues for the American brands were down by 72% for the first half of the year, while sell-out sales contracted by around 25%.
The European brands recorded global sell-out sales growth of more than 10% for the first half of 2024 while deliveries of power multihulls tripled due to the commercial success of the Prestige M48.
For the Sailing business, revenues were down 24% for the first half of the year, with monohull sales penalised by the impacts of the reduction in dealership inventory levels, as well as a slowdown in demand from customers, by around -25% for the period, due to inflation and higher interest rates.
Catamaran sell-out sales remained at a high level over the first half of the year.
Housing division revenues were down 3% compared to the same period in 2023, with the proposed sale of the Housing business to Trigano still subject to approval by the French competition authorities.
