19.07.2007

Hiab up four

Hiab, a division of Cargotec, saw revenues increase by four percent in the first six months of 2007, compared to 2006.

Total revenues were €485 million, 15 percent of which was derived from services. The company made a number of acquisitions during the period but as they were suppliers or distributors, with completion in May and June the impact on revenues was minimal.

Order intake for the first half was €508, a marginal improvement on 2006, leaving an order book of €238 million 10 percent up on what it was this time last year.

The acquisitions included: Berger its distributor in the Czech Republic, Slovakia, Hungary and Croatia, with revenues of around €16 million from 75 employees. And Estonian company Balti ES based in Narva. The company manufactures steel structures and components. And supplies both Hiab and sister company Kalmar. Balti employs 600 and had sales of around €14 million in 2006.

In January Hiab also took a majority stake in BG Crane Pty the Australian importer of Hiab equipment. BG employs approximately 100 people and had sales of around €20 million last year.


Parent company Cargotec, which also owns Kalmar and MacGregor, saw revenues climb by 13 percent to €1.44 billion, while net income remained virtually flat at €74.9 million. This after completing 12 acquisitions in the period.

The groups order intake climbed by 17 percent compared to 2006.

Vertikal Comment

Hiab has begun rebuild its identity and is working to recover market share lost during the period under Partek. The company has launched new products made a large number of improvements and is taking am more aggressive stance on distribution.

The first half results are not yet reflecting much of that effort, particularly considering the strong market for loader cranes that we have seen this past two years. The second half should show a more positive trend and see Hiab pass the billion euro revenue mark for the year.