Recreational boat, yacht, and superyacht services company, MarineMax, has seen record revenue – up almost 11% – for its 2023 financial year.
The growth was driven largely by higher new and used boat sales and the acquisition of IGY, which was completed in October 2022.
“While product margins declined as expected amidst the industry’s return to seasonality and greater inventory levels, our gross profit margin remained robust,” said MarineMax CEO and president Brett McGill.
“With the addition of businesses such as IGY, we have significantly enhanced the potential for expansion and synergies within our existing superyacht services and luxury yacht offerings.”
In its last quarter ending September 2023, the company saw revenue of US $594.6 million, with same-store sales growth of 8%, a gross profit margin of 34.3% and net income of $15.1 million.
For the full year, the company saw revenue up 4% to $2.39 billion with a profit margin of 34.9%, but a same-store sales decrease of 2% compared to a 5% increase the previous year.
Gross profit increased 3.7% to $835.3 million from $805.8 million in the previous year and gross profit margin remained flat at 34.9% for the 12 months ended September 30, 2023, reflecting the addition of the higher margin revenue from IGY as well as the expected decline in new and used boat product margins.
