Increase in boat sales in Q1 2022
The Bénéteau Group has unveiled its figures for the first quarter of 2022. The Group's sales amounted to 317 million euros over the period, up +10.6%. Sales for the Boat division came to 238.5 million euros over the period, up 7.5%.
As has been the case since the beginning of the Covid crisis, it is the dayboating and small unit segments that are driving the growth of the Vendée-based leader in yachting, but all segments are in good health. Even the fleet market, which covers the sale of boats for charter, is back on a positive trend after months of decline. The Bénéteau Group has announced growth of +2.8%.
The American dayboating market is particularly dynamic, with +19.9%, as are the major export markets with +61%.
The order book is up 47% compared to March 2021.
Results below expectations
However, these figures do not seem to satisfy the financial markets. The Bénéteau Group's share price fell by 15% the day after the publication. Indeed, the expected growth was higher, but supply difficulties and shortages of certain key parts such as engines or composite raw materials are leading to an increase in inventories of unfinished boats. This delay in deliveries is creating a significant overstock that is worrying investors.
Management's outlook for 2022 remains optimistic. It is maintaining its annual forecasts of between +11 and +14% of revenues and an operating profit of between 110 and 120 million euros
