Groupe Beneteau yesterday released the results of its 2024 fiscal year.
Revenues were €1.03 billion ($1.12 billion), down 29.4% year-over-year. Net income was €92.9 million ($100.8 million), a decline of 37% from the prior year. The company finished the year with €357.2 million ($388 million) in net cash, a €123.7 million ($134.2 million) year-over-year increase. The sale of its housing division last year was noted as a reason for the increase in on-hand cash.
“Groupe Beneteau’s teams once again showed their outstanding ability to adapt, faced with the significant changes on the boat markets in 2024,” CEO Bruno Thivoyon said in a statement. “The efforts made by all our employees enabled the group to achieve over 1 billion euros of sales for the year, as well as the upper range of its full-year profitability forecast. The sale of the housing business will enable the group to accelerate its development on the boat markets while ensuring a fair return for shareholders.”
A slowdown in retail demand affected the builder’s sailboat segment most. Sales there were down €140 million ($152 million). The powerboat segment fared better, with year-over-year sales down €60 million ($65.1 million).
Groupe Beneteau provided the following guidance for 2025:
“The group expects retail demand to contract by 5% to 10% over the year, while the continued destocking within the distribution networks is estimated at €50 million ($54.2 million) to €100 million ($108.4 million), concentrated primarily over the first half of the year. In 2025, the Group’s revenues could reach €900 million ($975.56 million) to €1 billion ($1.08 billion).”
