The company reported a “very satisfying annual performance” for its yacht division. “New yacht sales generated total revenues of €53.9m for the 2010/2011 financial year, compared to €32.6m in the 2009/2010 financial year (up 62.5%),” said the statement. The company said it sold a 32m flybridge model from its partner, Italyachts, and a Sanlorenzo 92, the first yacht to be sold through Rodriguez since the company signed an exclusivity agreement with Sanlorenzo in late 2010. The statement noted that the sales were a “concrete manifestation of the success of agreements concluded with our new partner shipyards” while also being well received by clients.

The Rodriguez Group reported a 15 per cent sales gain for its fiscal year but only €32.3m sales for its fourth quarter ended September 30, 2011, a 20% decline compared to the same period a year ago.

Yacht sales in the fourth quarter were €22.7m, a 26.7% decline over the same period a year ago. Its services division rose by 0.6 per cent to €9.6m for the quarter.

Despite the decline in fourth-quarter sales, consolidated sales for the year rose by 14.8% to €100m. The company said its annual yacht sales of €70.8m surpassed its target of €70m. Sales in its service business fell to €29.2m, compared to €32.5m a year earlier.

The statement noted that direct fourth-quarter comparisons between the two fiscal years could be misleading since 87 per cent of sales of new yachts in 2010 took place in the fourth quarter, while new yacht sales were strong in the first half of 2011 and fourth quarter.