14.02.2012

Haulotte up 23%

Haulotte has reported full year revenues for 2011 of €307 million, up 23 percent on 2010, the improvement is likely to put it back into profit.

The fourth quarter, often its best, was up 13 percent to €82.2 million, the smaller percentage increase is more related to a higher comparative than any on-going trends. The second half of the year was up 17 percent on the same period in 2010.

New equipment sales increased 25 percent to €233 million, while service revenues were up 17 percent to €31.1 million and rental revenues climbed 15 percent to €42.7 million

The company said that business remained relatively strong at the end of the year, despite uncertainties in the economic environment. Sales grew in all geographic areas with South America up 77 percent, Asia up 48 percent and Europe, which accounts for two thirds of the company’s sales, up by 19 percent. The USA showed the lowest growth levels with a five percent increase.

Looking at 2012 Haulotte said: “despite European key players waiting since summer 2011 to place major orders, the need for fleet renewal in Europe and the positive sign of emerging markets, support the business outlook for 2012 and allow Haulotte Group to forecast double digit growth in 2012.”

Haulotte has also reached an agreement with its bankers to extend the holiday period of certain covenants until June 30, 2012 and, early next spring, will open discussions with its banking partners to renew the credit facility that expires in July 2013.

Vertikal Comment

Overall not a bad result from Haulotte, although its slower growth rate in the USA means that it is not keeping up with its North American competitors. However this was always likely to be the case. When more of Europe starts to grow it is likely to be the major beneficiary.