Bénéteau Group annual sales down
The closing date for the Bénéteau Group's accounts has been changed, and the financial year will now end on December 31. As a result, the 2019/2020 transitional financial year lasts 16 months, but the pleasure boat leader has published its results as of August 31, allowing for a comparison with the 2018/2019 financial year. The group's revenue for the period stands at ?1.149 billion, down -14%. The Boat business fell below the ?1 billion mark, to ?975.3 million, dropping by -14.7%. The group's management nevertheless emphasizes that the evolution is more favorable than its last forecasts, estimated between -16% and -18%.
Dayboating partially compensates for the boat rental crisis
In its analysis, the Bénéteau Group highlights the dynamism of the dayboat segment (powerboats under 45 feet in length) at the end of the season, limiting the drop in activity. On the other hand, the boat rental fleet sector, both monohulls and multihulls, is suffering from operators' difficulties linked to transport restrictions, leading to numerous postponements of orders, despite a good first half. It posted a 65% drop in revenues between June and August compared with the same period, but remained up 7.4% over 12 months.
The share of sailing boats increased by 3%, reaching 49% of boat sales.
Geographical details show a better recovery in Europe during the summer, the only zone to grow, by +10.9%. The fall over 12 months was limited to -14.6%, compared to -23.3% in the US market.
Lowered forecast for year-end 2020
The end of the fiscal year, until December 31, 2020, should continue to decline, according to the management of the Vendée-based group. The decline in revenues is estimated at between -25% and -30% over the period. The group underlines in its financial communication the efforts made to mitigate the consequences for the company's budget. The reduction of production capacities and the already announced site closures, as well as the ongoing rationalization of the brands should allow according to him a reduction of expenses from 45 to 65 Meuros in full year.
