French boatbuilder Beneteau's share price has hit a 52-week low and is warning of a drop in orders in 2009.

The group reported an 'atypical start to the boat season' for 2009 alongside its 2007-2008 figures, saying the current banking crisis has resulted in a 'wait-and-see' attitude among certain clients.

"The rate of orders for the 2008-2009 season will be very different from previous years, with orders taken later depending on the country," read a statement from the Beneteau Group.

Shares in the Beneteau Group dropped to a 52-week low of €9.26 in reaction to the news. The group is currently trading at €9.45 per share, up 2.05 per cent on the 52-week low.

Beneteau reported sales for its 2007-2008 (September 1 to August 31) financial year as exceeding predicted levels.

Boat sales grew by 7.8 per cent on the year before from a value of €798.7 million in 2006-2007 to €860.7 million in 2007-2008. Sailboat sales grew by 6.2 per cent, generating €569.4 million for 2007-2008. Powerboat sales grew 10.9 per cent, totalling €291.3 million.

Group sales totalled €1,094.6 million for the period, an increase of eight per cent on 2006-2007.

Growth in boat sales combined with the success of the group's other activities, including its leisure home business, meant Beneteau achieved in excess of its €150 million EBIT target for 2008.

The Beneteau Group employs 6,000 people across 24 production sites and is present in over 50 countries.
Yachting Monthly, 3 October 2008