03.09.2012

Haulotte up 25%

Aerial lift and telehandler producer Haulotte has reported first half results which show improving revenues and reduced losses.

The company recorded total revenues of €184.5 million, 25 percent up on the same period last year. This was made up of €146.4 million of new equipment sales – 30 percent up on the year, rental of €22.1 million 10 percent higher than this time last year thanks to improved utilisation in the UK and further developments in South America. Parts and service revenues meanwhile grew just three percent due to slower parts sales.

The net result “consolidated net income” as it calls it- showed a loss of €3.7 million compared with a loss of €14.2 million in the same period last year. One assumes that this is after tax and exceptionals which include €4.4 million for the transfer of Spanish production to France.

Haulotte says that while the world market is still very uncertain it posted strong gains in the Americas and Asia Pacific, with North American revenues climbing 34 percent – its second quarter of 30 percent plus revenue growth.

The company expects second half revenues to be similar to the first half, taking it to more than €370 million and putting it firmly back into profit.

Vertikal Comment

While Haulotte might not be doing quite as well as its principle North American competitors, largely due to its strength in Southern Europe and weaker presence in the USA, this is still a solid performance and puts it on target for its highest annual revenues since 2008, with a good chance to get back to 2008 levels in 2013.

The company has also paid down its debt by over €22 million as planned and restructured the residual to extend the maturity until 2015. It still has massive upside potential in the USA which it seems to be beginning to exploit. While it still has much to do it is clearly in no mood to relinquish its number three slot.