Groupe Beneteau Boat Revenues up 48%

Revenues for the first half of the year were $852.69 million, and the division doubled income from ordinary operations to $137.65 million.

By Eric Colby

September 28, 2023

Groupe Beneteau reported that income from ordinary operations and net income in the first half of the year doubled compared with the first half of 2022. The company raised the ordinary operating margin forecast by 0.5%, and the boat division is continuing with its 2025 roadmap.

“Groupe Beneteau’s results for 2023, illustrated by the first half of this year, will benefit from the transformations rolled out over the last three years,” CEO Bruno Thivoyon said in a statement. “The positive response to our new models at the shows, supporting the group’s premiumization across all segments, and the improvement in our operational efficiency will further strengthen our positions for the coming years.”

In the statement, Thivoyon added that increased interest rates have caused a slowdown in small-boat purchases.

Boat division revenues for the first half of the year were $852.69 million (€812.9 million), a 48.3% increase compared with the first half of 2022. The division doubled its income from ordinary operations to $137.65 million (€131.2 million) for the first half of 2023 compared with $62.43 million (€59.5 million) in the same time frame in 2022.

Net income for the group was $122.89 million (€117.1 million), more than doubling the first half of 2022. The boat division’s net investments totaled $33.6 million (€32 million), while working capital requirements increased $64.04 million (€61 million).

The group continued to focus on sustainability and has ramped up its first production line using an Elium recyclable resin with the launch of the Sun Fast 30 OD, which the company said has more than 40 orders.

The group continued rolling out its certification campaign for ISO4001 environmental protection and ISO50001 energy performance. The first public trials of the Jeanneau NC 37 model fitted with Volvo Penta’s hybrid electric system were carried out during the Cannes show earlier this month.

The boat division’s full-year revenue forecast is expected to increase 16% compared with 2022, and the company is raising its operating margin forecast to 12%.