Nimbus Group sales decreased by 24% to MSEK 273 (361) during the fourth quarter of 2024, a decrease that is being put down to a continued wait-and-see market.
Full year sales decreased 15%, however the company believes a recovery is on the way with order intake increasing by 53% compared to the previous year, indicating that the market may have bottomed out.
During the last quarter, North American sales decreased 29%, with Edgewater sales decreasing 55%.
Sales of other brands increased by 4% with the order intake increasing.
In the Nordic region, sales increased 26% and order intake increased by 102%.
And in Europe, sales decreased by 21% with orders increasing by 95%.
Full year results show North American sales increased by 1% to MSEK 567 (563), with sales of Nimbus brand boats increasing by 27% and sales of EdgeWater decreasing to to MSEK 191 (267) following a planned production stop to reduce dealer inventory levels at the beginning of 2024.
Among our own retailers a clear sales increase was noted, especially in Sweden,
Jan-Erik Lindström
Nordic sales decreased 13% compared to the previous year due to a 20% drop in the first half of the year.
During the second half of the year the sales increased by 7%.
European sales decreased 30% compared to previous year. The decrease is explained by generally weaker markets which have affected sales. Sales in other markets decreased by 38%.
“The fourth quarter of 2024 saw a continued weak development in line with what we observed during the previous two quarters but also brought additional signs that a recovery might be on the way,” said Jan-Erik Lindström, president and CEO.
“Among our own retailers a clear sales increase was noted, especially in Sweden, which, along with our Nordic neighbors, was the first to enter a weaker market and seems to be the first to exit.
Order book increase
“Meanwhile, the order book increased compared to the previous quarter and has now, thanks to three consecutive quarters of increases, stabilized at a good level, yet another sign indicating that a turnaround is in the cards.”
During the period, Nimbus Group has continued to adjust its costs and to implement measures to focus on the premium segment, including the discontinuation of the company’s Finnish small boat business.
“After recent years growth in the premium segment, we enter 2025 with cost levels that are a bit too high in relation to the market,” said Jan-Erik Lindström.
“Thanks to continued cost adjustments and an increasing number of signs of an improved market, we have some confidence for the coming year.”
