The Rodriguez Group today reported companywide sales of €24.8m for its third fiscal quarter ended June 30, 2010, a 17.7 per cent increase compared to the same period a year ago. The quarter saw a "bounce" in sales in its Yachts and Services divisions, according to a statement.

The Yachts division posted sales of €15.7m for the third quarter, a 20.8 per cent increase over last year. Its Services division had sales of €9.1m, a 12.7 per cent increase.

"This is an encouraging signal with respect to market stabilization and possibly light market take-off," said the statement. Sales prices for yachts were lower than previous years, but the statement noted that the company is meeting its "cash-generation target" with available stock of new and pre-owned yachts.

During the quarter, the Commercial court of Cannes approved the Group's restructuring plan, which put an end to the Safeguard procedure initiated on April 7, 2009. The trading of shares resumed on April 8, 2010, but was suspended from June 8 through June 15. Gerard Rodriguez replaced Alexandre Rodriguez as president of the Management Board and general manager of the company following the published legal troubles of Alexandre Rodriguez.

Superyacht Business, 18 August 2010