Please select your home edition
Allen Brothers

Groupe Beneteau: 2021 guidance upwards and diversification into new business lines

by Groupé Beneteau 29 Jul 03:31 PDT
2021 guidance upwards and diversification into new business lines © Groupe Beneteau

Thanks to the positive trends for the boat and outdoor accommodation markets, and the performance of its two divisions, Groupe Beneteau is once again raising its full-year revenue and income from ordinary operations guidance for 2021.

  • Acceleration of order book growth to €1,800m (+55%) at end-June
  • Group first-half revenues up +3.4% on a reported basis (+5.1% at constant exchange rates) despite the impact of cyberattack
  • Outlook revised upwards for business and income from ordinary operations for 2021
  • Creation with PPF of the global yacht charter leader and expansion of the Group's activities through minority interests acquired in various boat charter companies, boat clubs and marinas to further strengthen the Group's expertise in new boating practices

The Group is now forecasting full-year revenue growth of over 7% on a reported basis for 2021 (over 6% for the Boat Division and 15% for the Housing Division), compared with +2% previously. This robust performance includes the negative impacts of the cyberattack at the start of the year.

This growth is benefiting strongly from the progress with income from ordinary operations, which is expected to more than double this year compared with the 2020 pro-forma figure of €27.5m, with this progress even more significant as it is set against a global context of pressure on prices for raw materials, certain components and international transport.

Groupe Beneteau is also benefiting from the first effects of the overhead reduction and restructuring measures decided on in 2020.

The global order book* at end-June came to €1,800m, up +55% based on reported data compared with the end of June 2020.

For the Boat Division, the growth in orders reflects the robust development of all the brands and the market segments that the Group operates in, with the exception of the charter market.

For the Housing Division, the order book has continued to be supported by growth on export markets and particularly the Benelux region.

The Group's revenues at end-June (€658.8m) are up +3.4% based on reported data and +5.1% at constant exchange rates. Excluding fleets, the Boat Division's revenues are up +14.3% based on reported data.

*Invoiced since the start of the year and to be delivered in FY 2021 and beyond

Development in the yacht charter, boat club and marina sectors

Groupe Beneteau is delighted to announce three strategic investments that will support its future development in Europe and North America, extending its business lines and building closer connections with its customers, complementing its distribution networks. This development is aligned with the rationale behind the Let's Go Beyond! plan presented in July 2020.

Yacht charter

On the one hand, Groupe Beneteau is joining forces with PPF, Central Europe's leading private group, to enter the yacht charter sector, together acquiring an 87% interest in Dream Yacht Group (alongside its longstanding shareholders NextStage, Fountaine-Pajot and the management team, led by Loic Bonnet) and a 50% stake in Navigare Yachting, alongside its founders and manager, Jesper Rönngard.

With a fleet of over 1,200 boats, these two companies together will form the world number 1 in this very promising sector, whose fundamentals are still particularly sound, driven by the sharing economy, facilitating access to boating.

This alliance will also make it possible to create a major platform combining the digital and distribution activities of Dream Yacht Group (SamBoat, Vent de mer, LateSail, Argos, Albatros) and the Groupe Beneteau's digital arm (BandOfBoats, Digital Nautic).

Groupe Beneteau will hold around 41% of this joint venture.

Boat clubs and marinas

On the other hand, Groupe Beneteau has acquired a 40% interest in Your Boat Club, a North American company operating in the boat club and marina sector.

A boat club enables its members, through membership fees, to regularly charter boats, generally motor boats, for a few hours or a day. This business has been developed extensively in North America.

Your Boat Club owns and manages 24 clubs, including seven marinas, and has plans for a major development program over the coming years. For this operation, the Group joined forces with its founders and managers, Luke Kujawa and Michael Jellish.

These investments represent a combined total of around €40m for Groupe Beneteau.

"Following a difficult year, we really feel that the sky is clearing and that the combination of favorable market conditions and the in-house measures rolled out will deliver impacts more quickly than we expected even a year ago. With our diversification investments, we are delighted and proud of this development for Groupe Beneteau, which is announcing a change of scale. These new prospects are fascinating and further strengthen our position as a global boat market leader", confirms Jérôme de Metz, Groupe Beneteau Chairman and CEO.

Revenues at end-June 2021

Boat Division – Revenues for each region (January 1-June 30, 2021)

Housing Division – 2021 first-half revenues (January 1-June 30, 2021)

Groupe Beneteau will publish its 2021 half-year earnings on September 29, 2021 after close of trading.

Related Articles

Horizon 2021 for Groupe Beneteau Powerboats
SeanApps connected boat solution revealed, going electric, and new mono and multihull models! On the top of the innovations and game-changing solutions introduced during the presentation, Gianguido Girotti, Deputy CEO in charge of the Brand & Product Strategy, revealed the SeanApps connected boat solution. Posted on 11 Sep
Sailing Horizon for Groupe Beneteau
SEANAPPS connected boat solution revealed, and going electric... Groupe Beneteau charters its course to develop new boating experiences. In Cannes, Groupe Beneteau dedicated a unique gathering night with its international community to announce major transformations in a world in constant evolution. Posted on 11 Sep
Martin Schemkes takes the helm of DELPHIA brand
Appointment announced today by Groupe Beneteau Groupe Beneteau is announcing today that Martin Schemkes has been appointed Brand Director of DELPHIA. Posted on 30 Mar
2019-20 earnings and FY 2021 growth forecast
Groupé Beneteau operating income resilient and significant improvement in cash position Following a year marked by the consequences of the Covid-19 pandemic in 2020, Groupe Beneteau is moving forward in 2021 with a robust financial position and is seeing the first benefits of the Let's Go Beyond! plan's rollout. Posted on 18 Mar
2019-20 16-month revenues
Better end to the year than forecast. 2019-20 revenues: better end to the year than forecast thanks in particular to strong demand for outboard boats in line with current boating trends. Posted on 26 Feb
Production activities gradually starting up again
After the cyberattack on Groupe Beneteau on February 19 One week after the cyberattack on Groupe Beneteau on February 19, the joint efforts by its in-house teams and external IT experts make it possible to envisage gradually starting up production activities again at certain plants from Friday February 26. Posted on 26 Feb
Group Beneteau: Appointments for the US brands
Nick Harvey and Andy Lindsay have been appointed to take on new roles Groupe Beneteau is announcing today that Nick Harvey and Andy Lindsay have been appointed to take on new roles with the Group's US brands. Posted on 31 Oct 2020
Group Beneteau interim financials
The "Let's Go Beyond!" strategic plan is moving forward The Group is benefiting from its multi-specialist positioning, enabling it to offset the sharp contraction on certain markets (charter) through growth in other segments (outboard). Posted on 28 Oct 2020
New roles announced within Groupe Beneteau
Appointments for Luca Brancaleon, Yann Masselot, Thomas Gailly & Clément Himily Groupe Beneteau is announcing today that Luca Brancaleon, Yann Masselot and Thomas Gailly have been appointed to take on new roles within the Boat Division's Brand and Product Strategy Department. Posted on 15 Oct 2020
Groupe Beneteau adapts 2021 new model launches
From cruising to performance and charter, a targeted approach in monohull and multihull sailing As numerous boat shows have been cancelled in different regions of the world, Groupe Beneteau and its brands are proud to announce the new models of the 2021 season that will be presented through a series of private events. Posted on 7 Sep 2020
Vaikobi 2021 FlexForce - FOOTERUpffront 2020 Foredeck Club SW FOOTERRooster 2020 - Impact BA - FOOTER