Nimbus Group keeps on growing: 2023 first quarter results

Nimbus Group keeps on growing: amid rising sales and a strategic acquisition, the first quarterly report of the year confirms a development that continues on a positive note. Net sales increased by 6 percent with revenue of SEK 304 million, compared to SEK 287 million achieved in the first three months of 2022.

EBITA (an English acronym for earnings before interest, taxes, depreciation and amortization, n.d.a.) also increased 24 percent from the same period last year to 7.7 percent, and its margin reached 2.5 percent compared to 2.2 last year.

While the percentage increase in sales is not remarkable, it should be considered that the winter months are the weakest in terms of sales and order demand due to the seasonality of the yachting market. Furthermore, due to the pandemic, the first quarter of 2022 was an unusual exploit for this market segment, so, the result achieved this year is really encouraging for the Swedish group.

The same goes for the results of the order book, which in this first quarter of 2023 closed at SEK 953 million, a historically excellent achievement, but incomparable with the results obtained in the first three months of last year, which were influenced by the restrictions of the pandemic and the deep desire of owners to return to the seas, who, as soon as they had the opportunity, invested heavily in this direction.

In any case, the results for Nimbus Group are really positive despite the strenuous comparison with the past year, which further proves that the sales and growth strategy are taking effect as planned.

In general, what has led to this continued increase during both the late months of 2022 and the (usually weaker) first three months of 2023 is the continued and increased general interest in marine stays and recreational activities. What is most affected by the increase in costs and life in general is the small motor boat segment, which has dropped the number of sales worldwide.

In addition to the important strategic sales plans, what distinguishes the Nimbus Group is its large dealer network distributed in the various markets. In the last quarter alone, as many as fifteen new partnerships were signed in North America, New Zealand, Australia, South Korea, Spain, Portugal, Croatia, the United Kingdom, and Turkey. There was also market expansion in Norway through the acquisition of the rights to a dealer in the thriving Norwegian district of Østfold. New dealers were also appointed for the Flipper and Bella brands in southern Germany.

Expanding the number of dealerships is part of the strategy to increase the Nimbus Group’s presence in various markets around the world, thus providing after-sales support and improved quality of the group’s services, which are widespread in each territory.

New product launches and major acquisitions for Nimbus Group

Contributing to the growth of the Nimbus Group in this early 2023, were the important new product launches that took place at the Düsseldorf Boat Show in late January, where the Swedish group unveiled the new Aquador 250 HT and the new Nimbus boats: the Nimbus W11 and Nimbus 465 Coupe, the brand’s largest boat to date, which will be delivered starting in the fall of 2023 and 2024.