Horizon issues profit warning as 2025 revenues fall

Shanghai-based Horizon Construction Development (CDHorizon), the world’s largest MEWP fleet operator, said it was likely to record a 20% fall in revenues in 2025, with a 70-90% drop in profits for the year.

The company, which operates equipment rental businesses in China, several South East Asian countries as well as the UAE and Saudi Arabia, reported revenues of RMB11.56 billion (€1.4 billion) in 2024 and profits of RMB896 million (€109 million).

In a statement to the Hong Kong stock exchange, CDHorizon said the reduction was the result of continued falls in rental rates in China, which is its main market.

Horizon Construction Development has a MEWP fleet of more than 215,000 units, the largest in the world.

“Although the utilisation rate of the group’s domestic aerial work platforms remained stable as compared to the 2024 Year”, said the company, “the revenue from and gross profit margin of the domestic operating lease service decreased year-on-year.”

The company added that revenue and profits from its Chinese engineering and technical services business decreased.

Also, revenues from the sale of used fleet were significantly lower because of falling steel prices. Horizon’s business includes a large steel scaffolding operation.

The Group’s final 2025 annual results are expected to be announced on 10 March 2026 after approval by its board.

The stock exchange release added; “Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.”