15.10.2013

Upward trend at Haulotte

Haulotte has posted a 16 percent boost to revenues in the third quarter on a like-for-like basis – without UK Platforms - which was sold earlier this year to HSS.

Year to date revenues were €257.2 million - again on a like for like comparison - six percent higher than in the same period last year. New machine sales were up seven percent to €215.5 million, parts and service revenues improved five percent to €25.2 while on-going rental business fell seven percent to €16.5 million.

Looking at the third quarter total revenues were €81 million, 16 percent higher than last year, on a pro-forma basis, even if the 2012 UK rental revenue is left in the numbers the increase is still over five percent, the first increase in third quarter revenues several years.

Sales growth was mainly driven by South America which improved 37 percent, while the drop in rental revenues was largely down to currency exchange movements in Argentina and the weak markets in South Europe.

Vertikal Comment

Haulotte should start to see some solid progress now as the economic situation in France starts to ease and then as Southern Europe begins to gather steam it should start to gain some lost ground on the big three North American manufacturers.

Haulotte may also be a major beneficiary of Snorkel’s demise, something that is likely to continue for at least another 12 months, regardless of how smoothly the transfer of ownership to Ahern goes.

All in a solid performance that should put the company firmly back in the black for the year even without the contribution from the sale of UK Platforms.