Nimbus Group conquers a new market: second quarter report 2023

In the second quarter of 2023, a new big opportunity opened up for Nimbus Group – the US market. Thanks to the acquisition of US boat builder Edgewater PowerBoats LLC, the Swedish group has exponentially increased sales on the continent, which has become Nimbus’ most important single market.

Overall, the group’s net sales for the second quarter increased by 4 percent from SEK 724 million, during the corresponding period last year, to SEK 756 million. EBITA (an acronym for earnings before interest, tax, depreciation and amortisation, n.d.a.), on the other hand, dropped by 37% compared to the same quarter of the previous year, and its margin also dropped to 11% compared to 18% in 2022. It is true, however, that last year’s comparative figures were exceptionally positive given still the strong demand during the pandemic period.

It was noted in general that Nimbus Group had strong demand for large boats, with a 10% increase, at the expense of small hulls, which saw a sharp drop in demand of almost 35%.

The group has in fact shifted its focus to the production of large boats, adapting to the new demand trend, since larger boats account for the largest share of total sales and the premium segment is also the main focus of the new sales strategy.

The order book has been affected by the weakening of the small boat segment, but fortunately, sales of large hulls have compensated by increasing it in the last quarter by 5% to SEK 1,103m. North America, however, is home to the largest increase ever: +304% with a total of SEK 614m, which for the Nimbus Group represents 56% of the total order book.

Generally speaking, the UK and Norway sales areas are served through own and external dealers, while for other markets sales are made directly by external dealers. In North America there was a very positive market, which increased by 120% with the data collected excluding the last sale. In Sweden, on the other hand, there was a 25% drop in sales due to a drop in demand after the post-pandemic boom years. In Northern countries there was a drop of 32%, as mentioned earlier, due to lower demand for small boats, while in Europe, on the other hand, there was a +47% growth, evenly distributed geographically, perhaps a little more in the southern European areas. The trend in the other markets then, remains positive with a growth in sales of 148%, or SEK 20 million.

The dealer network in Europe was further strengthened with the appointment of three new dealers in Scotland, Germany and Cyprus. The Nimbus Group also signed an agreement to take over the boat sales operations from Gressvik Marina AS in Østfold, Norway. This operation will allow the group to further expand the offer of the various brands and strengthen its position in the Norwegian market, the closing will take place in early September.

The first six months of 2023 therefore end on a positive note, managing to maintain the market standards also of previous years, strongly influenced by the post-pandemic recovery, and now we just have to see the next report that will be released after the Cannes and Genoa boat shows, where the group’s brands will certainly be present.