(BFM Bourse) – The leisure vehicle specialist saw its revenues increase by 18.7% on a comparable basis between September and November. The company also ensures that it has sufficiently high profitability to, if necessary, carry out promotions.
Trigano successfully negotiated the first turn of its 2023-2024 financial year, which began on September 1. The specialist in passenger vehicles (motorhomes, caravans) has fully benefited from the reduced tensions on its supply chain.
From September to the end of November, the company controlled by the Feuillet family generated revenues of 931.6 million euros, up 19.1% year-on-year in published data and 18.7% like-for-like. The leisure vehicles division, the largest, experienced growth of 20% excluding currency and scope effects.
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Expectations exceeded
“The continued improvement in the operation of the logistics chain with, in particular, the end of the shortage of rolling bases, has made it possible to record strong growth in motorhome sales,” explained Trigano.
In this segment, “deliveries to distributors are increasing by more than 20% in volume to which are added favorable price/mix effects bringing the increase in turnover beyond 26%”, continues the company.
Sarah Thirion, TP ICAP Midcap strategist, notes that the group clearly exceeded expectations, to the extent that the consensus expected revenues of 887.3 million euros for growth of 13.4%.
Concerning its short-term outlook, Trigano explains that “despite the replenishment of stocks of distributors in France and Germany, the level of order books remains high and saturates its production capacities for the 2023-2024 season”. The group therefore envisages “sales growth in the coming months” without specifying its extent.
“The quality of its margins will also enable it to support any sales promotion operation that would prove desirable in the event of a possible hardening of the market,” the company also warns.
Sarah Thiron explains that the consensus forecasts revenues for the 2023-2024 financial year of 3.75 billion euros, reflecting growth of 7.8% in published data. By restating the scope effects which the strategist estimates at around 90 million euros excluding Biohabitat, a company whose purchase by Trigano from Beneteau is currently being examined by the Competition Authority, Sarah Thirion arrives at growth of 5.3%.
On the Paris Stock Exchange, investors appreciated this publication, with Trigano shares gaining 3.3% around 3 p.m. in an uninviting market, with the SBF 120 losing 0.6% at the same time.
Julien Marion – ©2024 BFM Bourse
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