Groupe Beneteau this week announced its third-quarter financial results.
The company reported €193.9 million ($208.9 million) of revenue in its third quarter before International Financial Reporting Standard (IFRS) 5, down from €315.6 million ($339.9 million) the prior-year quarter. Its boat division revenues were €179.5 million ($193.3 million) after IFRS 5, down 38.6% from €292.2 million ($314.7 million) in the third quarter of 2023.
In a statement, the company noted a slowdown in its multihull sailing market in the third quarter and its continued efforts to destock across its networks.
“There are contrasting trends from the first autumn shows, but the levels of orders recorded at them are better overall than in 2023 for the Group and its distribution network,” Beneteau Groupe CEO Bruno Thivoyon, said in the statement.
Boat division revenues since the start of the year came to €736 million ($792.6 million) compared with €1,105 million ($1,189 million) for 2023, the statement said. Excluding changes in dealer stock levels, sales to end clients are down by around 7%. Sales of sailing models have contracted by 25% since the year’s start, and for the motorboat segments, sales are down by more than 40% since the first of the year.
On Oct. 29, 2024, French authorities confirmed Groupe Beneteau’s sale of its leisure homes business to Trigano, which will conclude by year’s end.
“Groupe Beneteau will therefore focus its development on the various sailing and motorboat segments, ramping up its innovation programs that aim in particular to reduce the intensity of its CO2 emissions by 30% by 2030,” Thivoyon said in the statement.
The company confirmed full-year forecasts for 2024 revenues in its boat division, expecting €1 billion ($1.08 billion) in revenue and a target operating margin of 4% to 6%.
