Rodriguez Group reports stronger Q4 growth
Improvement of the performance confirmed during second half-year.
The 4th quarter of RODRIGUEZ GROUP’s 2009/2010 fiscal year ended on September 30, 2010.
During the 4th quarter, from July 1st, 2010 to September 30, 2010, sales amounted to € 40.5 million, up 3.2 % compared to last year’s sales over the same period.
Sales can be analyzed as follows:
- Sales of Yachts represent € 31 million, a 5.5 % increase compared to the 2008/2009 4th quarter.
- Services represent € 9.5 million, a 3.5 % decrease compared to the 2008/2009 4th quarter.
During the 4th quarter, RODRIGUEZ GROUP acknowledges the continuing pressure on sales prices for Yachts. Over this period, RODRIGUEZ GROUP followed its cash-generation target as it holds a stock of pre-financed boats. At the same time, the Group continued its efforts to reduce its costs by focusing on the sale of boats in stock to reduce ancillary costs (docking rentals and maintenance).
With respect to Services, the minor decrease in activity during the 4th quarter results from the Brokerage activity as the Maintenance activity recorded a better performance than expected over the same period.
Cumulative annual sales for the period started on October 1st, 2009 and ended on September 30, 2010 totaled € 87.2 million, down 20.4 % compared to the 2008/2009 fiscal year.
However, RODRIGUEZ GROUP confirms the improvement of its performance during the second half year of 2009/2010 in a context of improvement of the luxury yachts market.
Sales of Yachts represent € 46.7 million during the second half-year, a 10.2 % increase compared to the € 42.4 million totaled last year over the same period, thus confirming the improvement of the Yachts activity. During the same period, Services represented € 18.7 million, a 3.8% increase compared to the 2008/2009 second half year. The sales during the second half-year mitigate the performance of the first half-year.
EVENTS DURING THE LAST QUARTER
The following events occurred during the 4th quarter of the 2009/2010 fiscal year:
- The publication of the sales for 2009/2010 third quarter showing total sales of € 24.8 million,
- The appointment of Mr. Eric de Saintdo as Managing Director of RODRIGUEZ GROUP,
- The entering into an exclusive partnership with the Italian shipyard ITALYACHTS for the construction of 34.5 m, 43 m and 50 m units.
The presentation of the unaudited accounts of RODRIGUEZ GROUP will take place by mid-December 2010.
The RODRIGUEZ GROUP audited financial statements as well as the related financial reports will be available on the company’s website no later than January 31, 2011.
Category: Brokerage News
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