(Reuters) – Beneteau reported a 31.5% year-on-year drop in first-half revenue at its boat division on Monday, with the French group citing inventory changes at dealerships and a high comparative base after a “record” 2023 as reasons for the decline.
The boat manufacturer reported revenue of €556.6 million in the first six months of the year for its Boat division, compared with €812.9 million a year ago. Beneteau’s total pre-IFRS5 revenue came to €766.4 million, down 25.5% year-on-year in reported figures.
“Macroeconomic and geopolitical uncertainty weighs on the entire nautical sector, in Europe as well as in the United States. The distribution networks have started, as planned, to reduce their inventory levels in the first half of 2024,” the group said in a press release.
Beneteau also revised downwards its current operating margin target for the Boat division to 3-6% in 2024, compared to 7-10% previously, and forecasts that the turnover of this same division will reach around 1 billion euros in 2024.
(Written by Elena Smirnova, edited by Augustin Turpin)
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