Groupe Beneteau raises full-year revenue forecast
The French-owned conglomerate has raised its financial forecast for the year following a buoyant first quarter.
Following an excellent fourth quarter in 2022, Groupe Beneteau maintained a strong rate of growth during the first quarter of 2023, with revenues of €478 million, up 51 per cent from 2022 (+49 per cent at constant exchange rates).
The Boat division generated revenues of €375m during the first quarter, up 57 per cent (+55 per cent at constant exchange rates), with factors led by an improvement in sourcing conditions. The Housing division’s revenues totalled €103 million, up 31 per cent from the first quarter of 2022, which was affected by the fire at the Luçon site in 2021.
Groupe Beneteau’s boatbuilding brands comprise Beneteau, Jeanneau, Prestige, Lagoon, Excess, Delphia, Four Winns, Wellcraft and Scarab.
The Sailing business, up 81 per cent for the quarter, benefited from the industrial ramp-up operations rolled out in 2022. The Motor business, up 47 per cent, recorded consistent growth across the ‘Dayboating’ and ‘Real Estate on the Water’ segments, reflecting the premiumisation of the Group’s offering.
With the improvement in sourcing conditions seen in the first quarter of 2023 and a solid order book, Groupe Beneteau is raising its Boat division’s full-year revenue forecast to €1,450 million (vs €1,360 million previously), with 16 per cent growth versus 2022 based on reported data and 18 per cent growth at constant exchange rates.
The Housing division is confirming its forecast for growth of over 15 per cent, which is expected to take its revenues for the year to more than €300 million. Like-for-like, the Group’s consolidated revenues are expected to exceed €1,750 million, with 16 per cent growth versus 2022 based on reported data.
This additional revenue growth is expected to enable the Boat division to achieve an ordinary operating margin of 11 per cent in 2023 (vs 10.5 per cent previously). The Housing division is forecasting an ordinary operating margin of nearly 10 per cent (vs 9.5 per cent previously). On a like-for-like basis, the Group’s income from ordinary operations is expected to reach €190 million (vs €170 million previously), with growth of over 22 per cent versus 2022.
On May 5, Groupe Beneteau announced it had entered exclusive negotiations with Trigano, a European market leader for leisure vehicles, concerning the sale of its Housing business, specialised in manufacturing leisure homes for the camping tourism sector.
This operation, which could be carried out by the end of 2023, remains subject to the procedures for informing and consulting with the employee representative bodies and obtaining approval from the competition authorities.