PHOTO COURTESY NIMBUS GROUPSweden-based Nimbus Group reported net sales of SEK$1.06 billion ($103.7 million) in the first six months of 2023, a 5% increase in year-over-year totals. Organic growth was 2.9%, and EBITA amounted to SEK$91 million ($8.9 million).
“We had already noted signs of weaker demand for small motorboats in Sweden and across the Nordic region last autumn,” Nimbus president and CEO Jan-Erik Lindström said in a statement. “Thanks to continued strong demand for large boats, not least due to increasing sales of our boats in North America, total sales for the first half of the year was slightly up.”
Nimbus Group finalized its acquisition of the shares in EdgeWater Boats May 31. In connection with the transaction, a consideration of SEK$87 million ($8.5 million) was paid after deducting normalized working capital and acquired cash. Added sales from EdgeWater helped boost total sales for the group in North America to SEK$152 million ($14.86 million), a 245% increase. The company said that its North American order book amounted to SEK$614 million ($60.05 million), and EdgeWater accounted for SEK$154 million ($15.06 million) of that.
Nimbus divested its property in Långedrag, Göteborg, through a sale and lease-back agreement. The move resulted in cash and equivalents amounting to SEK$20 million ($1.96 million) being provided to the company after the redemption of real-estate loans and deducting transaction-related costs.
In the second quarter, net sales of SEK$756 million ($73.9 million) were a 4% increase compared with the same period in 2022. The EBITA margin was 11%, a 7.2% reduction compared with a year earlier. Earnings decreased 37%, and EBIT margin was 11% compared with 18.2% in 2022.
