Beneteau H1 revenues up but supply chain disruption continues

Groupe Beneteau has announced its first half results for 2022, with group revenues of €715m (January-June), and a growth of 8.6 per cent.

During this period the boat division grew 2.8 per cent, with nearly ’15 per cent of growth cut as a result of deferred billing linked to the supply chain disruption’.

According to the group, during the first half of 2022, its boat division generated revenues of €548.2m, with year-on-year growth of 2.8 per cent, held back by the disruption affecting supply chains, which stabilised in the second quarter.

The company says that by 30 June 2022, around 600 finished boats were not able to be shipped and therefore billed, equivalent to the level from 31 March 2022. The deliveries of these boats that have been ordered will therefore be deferred to the second half of the year, with more than €80m of billing deferred, representing around 15 per cent of the boat division’s first-half revenues.

Chief executive officer, Bruno Thivoyon says: “The boat and leisure home markets have continued to perform very well. The disruption affecting supply chains slowed our rate of growth during the first half of the year, with nearly €80m of billing deferred to the second half of the year. However, this will not affect our roadmap for profitability, which is continuing to benefit from the adaptation measures rolled out over the past two years and the realignment of our development around the group’s profitable brands and segments as part of our ‘Let’s Go Beyond’ strategic plan.”

Supported by the day boating segments (motorboats up to 40 feet), revenues for the motorboat business represent 57 per cent of the boat division’s revenues for the first half of 2022.

According to Beneteau, revenues in Europe contracted by -7.7 per cent, as a result of the disruption to supply chains, which affected large units in particular, as well as the rationalisation of the brand portfolio (notably Monte Carlo Yachts and CNB Yachts, which were recording losses).

However, in North America, business was particularly strong (+15 per cent at constant exchange rates), buoyed by the development of the dayboating segments, the turnaround by the American brands and the growth of the Beneteau, Jeanneau and Lagoon brands. In this region, the group has also continued moving forward with its strategy to develop the Boat Club business, opening five new daily rental centers, particularly in Florida.

The first half of 2022 was also marked by a return to growth in fleet sales with charter professionals (+21.6 per cent), which are seeing strong growth in their levels of weekly rental bookings for this season.

In May, Beneteau released its Q1 results, with boat and leisure home markets performing well and its global order book at end-March up 47 per cent from 2021.