26.10.2003

Revenues up but profits down at Haulotte.

Pinguely-Haulotte has announced details of its first half results for the year to 30 June, 2003, its preliminary third quarter revenues and its full year projections.

While sales in the company's home market in France dropped by 35 per cent to around €16 million (£11 million), an increase in export sales of over 28 per cent more than compensated for the shortfall.

Earnings before interest, tax, depreciation and provisions rose by 60 per cent to €12.3 million (£8.6 million) or 11.2 per cent of revenue, previously 7.9 per cent.

Stripping depreciation, amortization and provisions, EBIT rose by a more modest but still remarkable 13 per cent.

A reversal in the exchange rate effect from a net contribution in 2002 to a loss of over a €1 million (£0.7 million) depressed net profits by 7 per cent, year on year to €3.9 million or 3.6 per cent of revenues compared to 4.3 per cent last year. As a result, earnings per share dropped a cent to €0.11 (£0.08).

The company stated that the net cash position after debts at the end of the half-year period was €46 million (£32 million). Provisional revenues to the end of the third quarter (end September 2003) were also announced this week as being €158.6 million (£110 million), a 13 per cent increase on the previous year's figure. However the management’s projections for the full year are in line with those of 2002, indicating that they do not expect a repeat of last years surprisingly strong fourth quarter.

Pinguely-Haulotte recently announced the purchase of Lev, one of the largest Access rental companies in France, they confirmed in their release this week that they expect everything to be concluded prior to year end and that they will be closing a plant in Chambery, Eastern France, production is expected to transfer to an extension at one of their other plants.