BENETEAU Reports First Quarter 2024 Revenue Decline in Line With Forecasts

Groupe Beneteau announced a 39% revenue decline in the first quarter of 2024, attributing the drop to a high base effect from the previous year and destocking by distributors. The company experienced a decrease in revenues from €478.2 million in Q1 2023 to €348.7 million in Q1 2024, before adjustments under IFRS 5. This resulted in a drop to €228.7 million after the adjustments. Despite the slowdown, the operating margin forecast remains unchanged, with expectations between 7% and 10% for the full year.

CEO Bruno Thivoyon remarked that the first quarter aligns with the company's annual roadmap, emphasizing a return to normal seasonality after an exceptional Q1 in 2023. The downturn mainly affected the Motor business, which saw a 50% decline, while the impact on the Sailing business was less severe at 25%. Nevertheless, the Housing division reported a 16% increase in sales, driven by robust camping tourism in France and Southern Europe.

The company is optimistic about its strategic focus on innovation and premiumization, which is expected to support business levels for the upcoming boat season despite current market challenges. Beneteau is also preparing for upcoming product launches, including several new yacht and catamaran models scheduled for release later in 2024.