First half high for Haulotte
By Euan Youdale12 September 2019
Haulotte has posted a record 2019 half year revenue of €342.6 million, up 18% on the same period of 2018.
In line with previous financial half-year results, the European region continued to post sustained sales growth of 20% in the majority of its markets. Sales in Asia-Pacific increased by 21% over the period, driven by very good sales performances in China and Australia. In Latin America, the group’s business declined slightly, 2%, compared to 2018, with only Brazil posting growth. In North America, sales increased by 16%, driven by a return to a sustainable level of activity on scaffolding.
Sales growth continues to be driven by equipment sales, up 20% in the first half of the year. The services business grew by 3% and the rental business by 22%.
Current operating income, excluding exchange gains and losses, from continuing operations increased by 18% to €23.8m; driven by volume growth, a significant improvement in the machine mix and higher sales prices, partially offset by higher component costs and fixed cost increases generated by the deployment of the group’s strategic plan. Overall operating income rose by 4% and net income by 32% over the period, to 5.1% of sales.
The group’s requirement for working capital, measured in revenue days, fell by more than a month, resulting in only a €10.1 million increase in consolidated net debt, excluding guarantees, in the first half. On 17 July, Haulotte signed a new syndicated credit agreement with its banking partners, for €130 million, providing it with the financial resources necessary for its development.
The positive come despite a general slowdown in global markets, the company said, “After several years of strong growth, the global MEWP market showed signs of slowing down in the first half of 2019; in particular North America declined over the period, and Europe remained stable overall compared to the previous year.
Haulotte confirms its objective for 2019 is growth in sales and current operating income, excluding exchange gains and losses, of around +10%.