RODRIGUEZ GROUP closed the 4th quarter of its 2010/2011 financial year ending September 30, 2011, and is now able to announce to its partners and shareholders that the sales target set out at the beginning of the financial year has been reached.
4th quarter sales, concerning the period from July 1st, 2011 to September 30th, 2011, were € 32.3 million, 20.3% lower than in the 4th quarter of 2009/2010, and were distributed as follows:
- Yacht sales reached € 22.7 million, i.e., 26.7% lower than in the 4th quarter of 2009/2010;
- Sales of services went up to € 9.6 million, up by 0.6% compared to the 4th quarter of 2009/2010.
These comparisons should, however, be considered in light of the performance of the various divisions during the whole financial year, revealing:
- An excellent startup of new yacht sales in the 1st half of 2011, as well as a very strong 4th quarter, while in 2009/2010, 87% of sales linked to new yacht sales were concentrated in the 4th quarter alone;
- A slower start of pre-owned yacht sales compared to the previous season, revealing a new trend in customer behavior;
- Sales of services were stable, while retaining their usual seasonality.
Thus, as anticipated at the end of the third quarter, yacht sales turned out to be much better in the last quarter, thanks mainly to sales of pre-owned yachts, which generated revenues of € 6 million, compared to € 1.37 million in the preceding quarter and € 2.7 million during the same period last year (+123%).
Even though sales of new yachts lagged in the 4th quarter of 2010/2011 with respect to the preceding financial year (€ 16.7 million in sales in Q4 2010/2011 compared to € 28.3 million in sales in Q4 2009/2010), the Rodriguez Group has recorded a very satisfying annual performance since new yacht sales generated total revenues of € 53.9 million for the 2010/2011 financial year, compared to € 32.6 million in the 2009/2010 financial year (up 62.5%).
In particular, the summer season brought about the sales of two new units coming from Italian shipyards:
- the 32 meter sport fly new model, designed and built in collaboration with ITALYACHTS
- and above all the SD 92, the first yacht that has come out of the SANLORENZO shipyard since the signing of the exclusivity contract between the two groups in December 2010.
RODRIGUEZ GROUP is particularly delighted to have closed its 2010/2011 financial year with these two sales, the concrete manifestation of the success of agreements concluded with our new partner shipyards, in addition to being very well received by the Group’s clientele.
Ultimately, yacht sales (new and pre-owned) generated total revenues of € 70.8 million for the 2010/2011 financial year: consequently, the sales target of € 70 million for the Rodriguez Group’s core business has been achieved.
At the same time, the Services business generated sales of € 9.6 million in the 4th quarter of 2010/2011, compared to € 9.5 million during the same period in 2009/2010. For the whole year, this division recorded total sales of € 29.2 million, compared to € 32.5 million during the preceding financial year, reduced to € 28.7 million excluding non-recurring events linked to agreements made during the safeguard period (i.e. an increase of 1.7%).
Overall, the Group’s total consolidated sales recorded an increase of 14.8% during the financial year, going from € 87.2 million in 2009/2010 to € 100 million in 2010/2011.
