Nimbus Group: Challenging 2024 prompts pivot to premium
Nimbus 495 Flybridge.
Nimbus Group, the Swedish leisure motorboat manufacturer, has issued its annual report for 2024, revealing a 15 per cent revenue decline in 2024, with net sales of SEK 1.62bn (£126.36m) and an EBITA loss of SEK 60m (£4.68m).
The firm says these results reflect the continued impact of high inflation, interest rates and weak global demand, particularly in Europe and the Nordic region.
Profit for the year after financial items totalled a loss of SEK 80m (£6.24m).
Nimbus Group’s new premium model, the Nimbus 495, enjoyed a global launch at the Cannes Yachting Festival. The vessel, which is the largest Nimbus model to date, is designed for the upper segment of the recreational boat market, and the firm reports it has “attracted considerable attention.”
Jan-Erik Lindström, chief executive officer of Nimbus Group, confirms the company is shifting its focus to premium boats following a challenging 2024. “Nimbus 495 is a boat that targets a customer category of great interest for a premium manufacturer that wants to position itself in this segment,” he says. “This is where we must be able to compete if our strategy is to succeed.”
Nimbus sales US
Despite a general decline in boat sales in the US, the group increased its North American sales by 1 per cent in 2024. Sales of the Nimbus brand rose by 27 per cent, while EdgeWater declined, largely due to high inventory levels that led to a temporary production stop early in the year.
Nimbus restructures
A major structural change involved discontinuing small boat production in Finland. The decision, resulting in one-off costs and restructuring expenses of SEK 55m (£4.29m), followed a previous surge and subsequent fall in demand for small boats. Production of these models, including Bella and smaller Flipper boats, has been divested to Cremo Boats. The group also began local production of the Nimbus T8 in the US to reduce logistics costs and adapt to market conditions.
The company’s pivot to a premium-focused product strategy is supported by a broader portfolio that includes Aquador, Falcon, Flipper, Paragon, Alukin and EdgeWater. In 2024, the Aquador brand launched its largest model, the Aquador 400 HT, while Alukin entered into a defence contract with the Swedish Defence Materiel Administration (FMV) worth up to SEK 400m (£31.2m) over 15 years, for the delivery of aluminium workboats.
Nimbus also expanded its dealer network in strategic markets such as the US, Norway and Sweden, adding 11 new partners in North America. The company operates through commercial and retail sales divisions and continued to strengthen its presence at major international boat shows.
The report notes that, excluding extraordinary items, the group would have reported a positive EBITA for the year. Moving forward, the company aims to improve flexibility, invest in premium product development and adjust capacity in response to demand shifts.
Nimbus Group appoints new UK dealers for Nimbus brand boats
In separate news released alongside the group’s annual report today (23 April 2025), Nimbus Group confirmed it has appointed TBS Boats and Morgan Marine as new dealers for Nimbus brand boats in the United Kingdom. TBS Boats will serve the Central West, Thames and Medway regions, while Morgan Marine will represent the brand in Central East.
TBS Boats, established in 1968, operates from two sites located in Penton Hook and Hamble. The company offers boats from various manufacturers and has received industry recognition for its customer support.
Morgan Marine has been active in the marine sector for 45 years. It operates a full-service facility in Brightlingsea, a coastal town north-east of London. The company offers both new and pre-owned vessels from several established boat manufacturers.
