Group Beneteau revenues have fallen 39% for the first quarter of 2024 to €229m.
The decline is primarily being put down to a destocking of dealership inventory, primarily across the Motor business which was down 50% in 2024 following 47% growth during the first quarter of 2023.
The Group’s latest results show the number of units delivered contracted by 65% over the quarter, but the premiumisation across all the Dayboating and Real Estate on the Water segments limited the impacts on revenues.
The main drivers behind this included the launch of the M48 and M8 catamarans for the Prestige brand, and the Four Winns TH36, as well as the release of the Jeanneau DB 37, the Antares 12 and the Prestige F4.
Following an exceptional performance during the first quarter of 2023 (+81%), the Sailing business was a little more resilient (-25%).
The contraction focused on the monohull models, while sales of multihulls stabilised over the period, supported by the success of the Excess brand.
“For Groupe Beneteau, the first quarter of 2024 is in line with our roadmap.”
Bruno Thivoyon, Groupe Beneteau CEO
The Housing division’s sales climbed to €120m during the first quarter, up 16% from 2023. This growth was supported by a still robust camping tourism market in France and the development of this activity in Southern Europe. Export deliveries represented more than 25% of leisure home sales for the quarter (vs. 20% in 2023).
Beneteau is maintaining its outlook for 2024 with continuing focus on the premium segments with several new launches planned including the Beneteau Trawler 54 and Prestige F5, as well as the new Lagoon 43 and Lagoon 60 catamarans, which are expected to help drive growth for the Boat division’s various segments.
“For Groupe Beneteau, the first quarter of 2024 is in line with our roadmap. It confirms the return to a more traditional seasonality in terms of deliveries, following an exceptional first quarter in 2023 which benefited from a normalisation of sourcing conditions and a restocking by distributors,” said Bruno Thivoyon, Groupe Beneteau CEO.
“With the positive response to the new models, presented at the spring shows or private events, and the industrial adaptation measures rolled out at the start of the year, the Boat division expects to record an operating margin of between 7% and 10% in 2024, despite the market slowdown.”
