Groupe Beneteau Delays Boat Deliveries Despite Strong H1 Results
Groupe Beneteau, a leading French boatbuilder, has announced a delay in the delivery of ordered boats to the second half of the year. Despite this, the company reports a successful first half of 2022 with increased revenue and strong performance in North America.
Groupe Beneteau's total revenue grew by 8.6% in the first half of 2022. The company's success in North America was particularly notable, with a 15% increase in turnover driven by the popularity of dayboats. Meanwhile, the residential construction sector achieved a record turnover of €167 million, a 33% increase from the previous period.
However, the boat turnover in Europe shrank by 7.7% due to supply chain interruptions, particularly affecting larger units. Around 600 completed boats remain undelivered or uninvoiced at the Beneteau shipyard group. The company has revised its forecast for the result of ordinary business activities to €110 to €120 million for the rest of the year.
In contrast, Brunswick Corporation, a major competitor, reported the best results ever in the first half of 2022, with a record turnover and an adjusted operating profit of over $300 million. However, the company announced a reduced revenue forecast for the second half of the year due to ongoing supply chain disruptions and market uncertainties. Boat inventories decreased by 55% compared to the first half of 2019.
Despite the challenges posed by supply chain disruptions and market uncertainties, Groupe Beneteau remains optimistic about its future prospects. The company's success in North America and strong performance in the residential construction sector indicate a resilient business model. Meanwhile, Brunswick Corporation's impressive first-half results demonstrate the continued demand for recreational boats, despite the reduced revenue forecast for the coming months.
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