Beneteau (FR:BEN) has released an update.
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Beneteau reports a 32% decline in Boat division revenue for the first half of 2024, following a record-breaking 2023, mainly due to reductions in distribution network stocks and a slowdown in the small units market, particularly in the US. Despite the overall downturn, the company’s strategy to move upmarket has mitigated the impact, with final customer sales (sell-out) showing resistance against market slowdown. Beneteau anticipates a total Boat division revenue of around €1 billion for the fiscal year, with adjusted operating margins expected between 3% and 6%, excluding American brands.
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