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Tough half for Haulotte

Haulotte has posted its half year results with strong sales growth while profit has almost vanished.

Total revenues for the six months to the end of July improved 19 percent to €289.1 million, this is made up as follows:
Equipment sales: €247.9 million +19%
Parts & Services €30.3 million +15%
Rental €10.9 million +36%

Order intake remains buoyant with the order book said to be at record levels.

Geographic sales
European sales increased eight percent, while the Asia-Pacific region increased 53 percent, driven mainly by Australia, with sales in China remaining stable. Sales in North American continue to grow, increasing seven percent driven by a 35 percent jump in Bil-Jax scaffold sales, partly offset by a three percent fall in aerial lift revenues due to component shortages, causing a steep increase in the order book. South American sales improved 25 percent driven by Brazil.

Pre-tax profit dropped more than 70 percent compared to the same period last year to €2.45 million, partly due to a substantially smaller foreign exchange gain this year, as well as higher interest costs and other expenses, both general sales & administration costs and higher R&D spending.

Net debt increased 35 percent to €189.8 million, most due to higher inventory levels driven by ongoing supply chain issues.

Vertikal Comment

This is a not a bad result from Haulotte - not good, but perfectly understandable. More positively the company continues to increase revenues and build its order book. The big question, which applies to others, is when will the supply chain issues start to turn? The looming energy crisis will cause further challenges, it is likely that as shortages and long lead times ease, prices will increase as manufacturers face massive spikes in power.

The challenge is of course keeping up with the cost increases and passing them on. Not always easy when you have a record order book.

Tough times.