10.03.2022

Haulotte profit bounces back

Haulotte has published its full year financial results following the release of its sales results last month See: 13% growth for Haulotte. The results show a strong bounce back in terms of profitability.
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As already reported revenues improved 13 percent to €495.8 million, which has led to a pre-tax profit for the 12 months to the end of December of €16.1 million, compared to a loss of €15.6 million in 2020. However, these numbers hide the fact that last year adverse exchange rates created an exchange loss of €14.67 million while this year the company has a positive exchange rate impact €9 million. Take these out and the comparison is €7.9 million compared to €500,000 in 2020 a 16-fold increase.

Net debt increased by €7.9 million to €140.9 million, driven by a higher level of investment, particularly due to the construction of a factory in China and a 16 percent increase in research & development to €11.77 million.

A company statement said: "The increasing difficulties in sourcing components and the significant increase in their prices observed in the second half of the year, weighed on the group's results, despite the excellent sales momentum and good control of fixed costs observed during the year. In the end, the more favourable exchange rate environment for the group compared to 2020, particularly for US dollars."

Vertikal comment

This is a strong financial bounce back from Haulotte, with or without the currency gains. The company is well placed for a full recovery in 2022.