Nimbus Group this week posted the results of its 2023 fiscal year and fourth quarter.
Net sales for the year were up to SEK$1.9 billion ($181 million), an increase of 8% from the prior year. Earnings before interest, taxes and amortization were SEK$100 million ($9.6 million), which was down SEK$92 million ($8.8 million), and operating cash flow was SEK$153 million ($14.6 million).
The group posted a 7% increase to SEK$361 million ($34.5 million) in net sales for the fourth quarter and a SEK$4 million decrease in EBITA from the prior-year quarter. Operating cash flow amounted to a loss of SEK$69 million ($6.6 million), which was up 9% from the prior-year quarter.
“The fourth quarter of 2023 confirmed the two-sided market that we became accustomed to during the year; while sales for premium boats remained favorable globally, sales in both small boats and the Nordic market declined,” president and CEO Jan-Erik Lindström said in a statement. “This trend was also reflected in the fourth-quarter figures, but it also indicates the good opportunities that our increased focus on large premium boats will bring moving forward.
“The reason for this strategic shift is that large, premium boats as a segment offer several advantages, such as higher margins, a more stable market with less volatility, and a far more predictable sales and manufacturing process,” he added. “It’s also the home ground for Nimbus Group — the segment we come from.”
The company did not provide guidance for fiscal year 2024.
