11.09.2019

Strong first half for Haulotte

Haulotte has posted a record first half result with revenues up 20 percent on last year.

Total revenues were €342 million, 20 percent up on last year, made up of €305.8 million of new equipment sales, a jump of 21 percent compared to the same period last year, driven by Europe where sales were 20 percent higher, and Asia-Pacific which increased 21 percent thanks to strong sales in China and Australia. North American sales increased 16 percent thanks to a strong rebound in Bil Jax scaffold sales. In south America revenues overall declined two percent, with only Brazil posting any growth.

The parts and services business was just over four percent higher at €25.8 million while the rental business showed a surprisingly large pick up coming in 31 percent higher at €11 million. Pre-tax profits increased 24 percent, thanks to a combination of higher volumes, a ‘significant’ improvement in the machine mix and higher sales prices, partly offset by higher component and fixed cost increases generated by the company’s new strategic plan. The company also benefited from exchange rate gains and higher financial income, partly offset by a significantly interest costs.

The company expects the full year will come in around 10 percent higher than in 2018, before exchange gains or losses. The company has also signed a new €130 million syndicated credit line to find future growth and working capital.

Haulotte said: “After several years of strong growth, the global aerial work platform markets showed signs of slowing down in the first half of 2019, in particular North America declined over the period, while Europe remained stable overall. In this context, Haulotte delivered an excellent commercial performance, posting its highest level of activity ever at €342.6 million.”

Vertikal Comment

A first class performance from Haulotte which is continuing to see benefits flow through from its new products which have moved up market in terms of features, greater performance and improved manufacturing quality compared to a few years ago.

Its comment on the slowing North American market as a little surprising, although the ongoing economic uncertainty is certainly beginning to have an impact. Perhaps this is behind its seemingly conservative full year forecasts, which will see the company come in with revenues in the region of €615 million?

All in all we would expect Haulotte to have a good chance of being closer to €650 million. That all depends on its order book at the end of June, given that it started the year with its highest backlog since 2007.

No question about it a very positive first half.