Nimbus Group expresses confidence amid 2024 sales decline
Nimbus Group has released its year-end report for 2024, covering the financial period from 1 January to 31 December 2024.
The Swedish boatbuilder posted a sales decrease of 24 per cent to MSEK 273 (£19.93m) during the fourth quarter of 2024. In a statement, the firm attributes this decline to a “continued wait-and-see market.”
The total net sales for the full year declined by 15 per cent to MSEK 1,619 [£118.19m] from MSEK 1,898 [£138.55m] in 2023. Organic growth was reported at -25 per cent for the quarter and -14 per cent for the full year.
At the same time, the firm’s order intake increased by 53 per cent compared to the previous year, indicating that the market may have bottomed out.
During the quarter, Nimbus Group said it has continued to adjust its costs and implement measures supporting the company’s focus on the premium segment, including the discontinuation of the company’s Finnish small boat business.
“After recent years of growth in the premium segment, we enter 2025 with cost levels that are a bit too high in relation to the market,” says Jan-Erik Lindström, CEO of Nimbus Group. “Thanks to continued cost adjustments and an increasing number of signs of an improved market, we have some confidence for the coming year.”
EBITA for the fourth quarter was MSEK -25 [£1.83m] compared to MSEK -4 [£292,000] in the same period of 2023. For the full year, EBITA totalled MSEK -60 [£4.38m], down from MSEK 100 [£7.3m] in 2023, including restructuring costs of MSEK -55 [£4.01m]. The EBITA margin for the quarter was -9.2 per cent (-1.2 per cent in 2023), while the full-year margin stood at -3.7 per cent (5.2 per cent in 2023).
Operating cash flow for the quarter improved to MSEK -26 [£1.9m] from MSEK -69 [£5.04m] in the prior year. The full-year operating cash flow amounted to MSEK -107 [£7.82m], an improvement from MSEK -153 [£11.18m] in 2023.
The order book at the end of the quarter stood at MSEK 574 [£41.9m], compared to MSEK 759 [£55.41m] in the previous year.
During the quarter, Nimbus Group also signed a framework agreement with the Swedish Defence Materiel Administration (FMV) for the delivery of up to 100 new Alukin brand workboats, including spare parts, over a 15-year period. This order has an estimated value of up to MSEK 400 [£29.2m].
Post the balance-sheet date, the Nimbus 495 received a European Powerboat of the Year Award for vessels up to 18m at the boot Düsseldorf 2025 boat show. The company also reached an agreement to sell the existing inventory of Bella and Flipper small boats, including related production materials and equipment, through a directed asset deal to Swedish Intagagruppen. A multi-year licensing agreement was also signed, allowing Cremo to acquire the Bella and Flipper brands after the period end.
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