(News Bulletin 247) – Driven by a solid start to the year and an improvement in supplies, the world leader in nautical industries is raising its targets for 2023.

The weather is fine for Beneteau. The world leader in the nautical industries is revising its 2023 outlook upwards after noting an ever-increasing interest from its customers for its products. The improvement on the supply front also allows the company to be much more optimistic for the rest of the year.

The move upmarket of Beneteau’s offer has not prevented the group from expanding its customer base. Between January and March, Beneteau achieved sales up sharply by 50.9% in published data over one year to reach 478.2 million euros. In organic data, the growth is also impressive at 49.3%.

Beneteau’s first quarter performance is in line with “an excellent fourth quarter of 2022”. Over the last three months of 2022, Beneteau’s sales had then jumped 56.6% over one year to stand at 476 million euros thanks to a jump in boat deliveries at the end of the year.

>> Access our exclusive graphic analyses, and enter into the confidence of the Trading Portfolio

A housing division sold to Trigano

In detail, the boat division – which accounts for most of the company’s invoicing – recorded a jump of 57% in published data (+55% at constant exchange rates) in its turnover, which stands at 375 million euros, supported by improved supply conditions.

The housing division recorded an increase in its turnover of 31.4% over one year in the first quarter, to reach 103.1 million euros. Beneteau benefited from a favorable base effect, the first quarter of 2022 having been penalized by the delivery delays caused by the fire at the Luçon site in August 2021.

Beneteau recalls having entered into exclusive negotiations with Trigano at the beginning of May with a view to selling its housing activity to it. The Vendée-based group wants to “focus its development on the boating market, its historic core business”.

“This operation, which could take place by the end of the 2023 financial year, remains subject to the information-consultation procedures of the employee representative bodies as well as to obtaining the approvals of the competition authorities”, specifies the leader. world of nautical industries.

2023 outlook revised upwards

On the back of a good start to the year, Beneteau is confident for the rest of the 2023 financial year. The company boasts a “solid” order book and benefits from better visibility on its activity with the improvement in supplies observed in the first three months of 2023. The group is pleased with the commercial success of its new range of products, “thus confirming [sa] growth strategy in value on the various segments of its boat division”.

The planets are therefore aligned for the group, which therefore raises its annual ambitions. Beneteau is now counting on an annual revenue forecast of 1.45 billion euros, an increase of 16% compared to 2022 in published data, and 18% at constant exchange rates. The group plans to do better than its own previously announced targets. Management was still counting on a level of sales for its boat division of 1.36 billion euros, an increase of 15% compared to 2022.

This additional revenue growth should allow Beneteau’s flagship division to reach a current operating margin of 11% in 2023 against a previous estimate of 10.5%.

Regarding the habitat division, Beneteau maintains its forecasts. The group is still aiming for a turnover of more than 300 million euros in 2023, which would imply growth of more than 15% over the year. The operating margin is expected to approach 10%, against a forecast of 9.5% announced last March.

Current operating profit forecasts have also been raised.

On a like-for-like basis, the indicator is expected at 190 million euros, whereas until now management had anticipated current operating income of 170 million euros. This new target implies an increase of more than 22% compared to 2022.

“This excellent first quarter, which allows us to improve our outlook for 2023, confirms our ambitions for 2025, as presented on December 5,” concludes Bruno Thivoyon, CEO of Groupe Beneteau.

By 2025, the Beneteau group is aiming for a turnover of between 1.8 and 2 billion euros, i.e. an average annual growth of around 10%. “The current operating margin could reach 11.5% in the upper range of this forecast,” the company added at the time.

On the Paris Stock Exchange, this excellent start to the year and the improved outlook for the current year are welcomed by investors. At the top of the SBF 120, Beneteau jumped nearly 11% to 16.88 euros, around 12:30 p.m. Since the start of the year, the stock has risen by 22% and almost 200% over three years with the improvement in Beneteau’s results. This excellent stock market performance was rewarded with a return to the SBF 120 last March, just over 10 years after leaving the expanded index of the Paris Stock Exchange.