24.08.2020

Snorkel sales halved

Aerial lift manufacturer Snorkel saw first half revenues almost halved with even steeper reductions in the second quarter.

Snorkel is owned by Don Ahern and the results are not published publicly, but were disclosed in an interim report by Tanfield, which still owns a 49 percent stake in the business.

Total revenues for the half year were $60.2 million, down 46.4 percent on the same period in 2019, with an earnings before interest and tax coming in with a loss of $6.2 million compare to a profit last year of $1 million.

Most of the reduction occurred in the second quarter as the Covid-19 pandemic reached its peak, causing sales to plunge 72.4 percent to $16.8 million.

Vertikal Comment

The numbers published are minimal but are in line with most other aerial lift manufacturers, reflecting the fact that most rental companies have slashed capital expenditure, even though most have seen far more modest declines in revenues. The feedback is that confidence is gradually returning and that third quarter sales ought to see a slight improvement.