Groupe Beneteau yesterday announced its results for the third fiscal quarter.

According to a statement, the company’s Boat division recorded revenues of €292 million ($312.7 million) during the quarter, up 2.2% at constant exchange rates compared with the previous year. The division’s sales increased 31.2% for the first nine months of 2023 on a reported basis.

The company’s sailing segment showed continued upward growth, with revenues increasing 15% in the quarter. This came to 42% year to date ended Sept. 30, with benefits from the ramp-up of large boats presented at the fall shows. There was also an upturn in purchases by charter professionals, with 76% growth since the start of the year.

Groupe Beneteau CEO Bruno Thivoyon provided the following comments in the statement, which includes the company’s Housing division:

“Thanks to our value-driven growth strategy, supported by our premiumization across all our market segments, we are able to report growth of over 30% at the end of September. While inflation and the increase in interest rates are currently encouraging some clients to adopt a wait-and-see approach, particularly for the smallest units, there is still widespread interest in spending time on the water, and the new models presented at the 2023 shows have received a very positive response. It is this strategy, in line with the road map presented at the end of 2022, that is enabling us to maintain our focus as we look ahead to 2025, despite an expected contraction in dealer inventory levels in 2024.”

The group’s powerboat segment was affected by cooling demand for its smallest units during the quarter and contracted by 7% at constant exchange rates compared with 2022. Revenues for the powerboat segments increased more than 24% over the first nine months of the year. The company attributes this growth to the success of new models, including the DB/43, Wellcraft 355, Prestige M48 and Merry Fisher 12.95.

The company provided forward-looking guidance for its Boat division leading into the fourth quarter, confirming 16% revenue growth over fiscal year 2022. This is expected to represent €120 million ($128.4 million) to €150 million ($161 million) of growth for the full year compared with 2022. The Boat division also confirmed its operating margin forecast, with 12% for the year.