Knaus Tabbert Reports Strong Increase in Q1 2024 Earnings – RVBusiness – Breaking RV Industry News
JANDELSBRUNN, Germany – Knaus Tabbert, one of the leading RV manufacturers in Europe, reported a successful start to the 2024 financial year with a strong increase in earnings in the first quarter of 2024, according to a release.
Overall, consolidated Group revenue increased by 2.2% to EUR 376.7 million in the first quarter of 2024 (previous year: EUR 368.5 million). EBITDA adjusted for special items rose from EUR 32.7 million to EUR 38.8 million in the reporting period, an increase of 18.5 per cent. The adjusted EBITDA margin increased significantly to 10.3% (previous year: 8.9%).
In the past financial year, 4,663 motorhomes and camper vans (previous year: 4,390) and 2,925 caravans (previous year: 3,915) were delivered across the Group. A total of 7,588 units were invoiced.
‘The start to 2024 is characterised by a positive development of the leisure vehicle market in Europe. Record figures for new registrations impressively confirm this,’ comments Wolfgang Speck, CEO of Knaus Tabbert AG, on the start to the 2024 financial year. “Our order backlog as of the end of March, the product innovations planned for the 2025 model year and the launch of a new brand give us the necessary planning security and confidence for the 2024 financial year.”
The Group continues to have a solid order backlog of around EUR 621 million as at the reporting date of 31 March 2024 – measured against the revenue forecast for 2024 as a whole.
Growth in all segments
Knaus Tabbert achieved an increase in sales in all business segments in the first three months of the 2024 financial year. EUR 327.7 million of consolidated sales were attributable to the premium segment (previous year: EUR 323.1 million), while a further EUR 49.0 million (previous year: 45.5 million) were attributable to the luxury segment. Group sales resulted primarily from the sale of recreational vehicles. The aftersales area, which essentially includes the spare parts business, contributed EUR 9.9 million (previous year: EUR 4.3 million) to sales.
Dividend
The Knaus Tabbert Group’s dividend policy is geared towards continuity. With this in mind, it is also planned to propose an increase in the dividend to EUR 2.90 per share (previous year: EUR 1.50) at the Annual General Meeting in June 2024 in line with the very pleasing earnings performance in the 2023 financial year.
Forecast confirmed
Based on the current business development of the Knaus Tabbert Group, the following forecasts have been made for the key performance indicators:
For the 2024 financial year, we expect Group revenue to develop in a range of EUR 1.4 billion to EUR 1.55 billion compared to the 2023 financial year.
For the remainder of the 2024 model year, which ends on 31 July 2024, Knaus Tabbert is not planning any price increases compared to the trade.
Earnings as expressed by the adjusted EBITDA and the adjusted EBITDA margin are expected to be in a range of 8% to 9% based on the expected revenue development.
