30.08.2011

Haulotte lifts revenues 30%

Access and telehandler manufacturer Haulotte has reported first half revenues up 30 percent on the same period last year.

Total revenues were €148 million 30 percent higher than last year, and comprise: Machine sales of €112.4 million up 33 percent on 2010, Parts and service income of €15.6 million 21 percent higher than last year and rental which climbed 18 percent to €20 million on the back of stronger utilisation.

The company says that the global market for aerial work platforms was boosted sharply by the US market in the first half, Asia-Pacific also showed strong growth, while it maintained “a buoyant market share in Europe”. Product support revenues grew in all geographic areas, particularly on spare parts sales that increased by 33% over the first half of 2010.

Higher volumes helped improve margins significantly, although the combination of some exceptional costs and its overhead kept the company in the red, with a net loss of €14.7 million compared to a net loss in the same period last year of €16 million.

With order intake remaining very positive Haulotte expects to maintain its growth rate throughout the second half. It adds: “Our priority for the second half remains to pursue margins, to increase our production plans and to optimise our working capital.”

Vertikal Comment

This is not a bad result from Haulotte although it is falling behind its two main competitors Genie and JLG bother of whom posted stronger first half revenue improvements.

However this may relate more to the geographic strength than anything else, all three companies have noted that the US market has led the way in terms of percentage growth in the first half and both competitors have a much stronger position in that market than Haulotte.

The tide will turn as and when the European market gathers pace given that Haulotte has a stronger position there. The big question is can Haulotte do enough in the second half to break even? The French based company typically has a much stronger second half, and has often pulled amazing numbers in the fourth quarter, so barring another financial crisis we think it might just pull it off.