Haulotte Group increased its revenues by +14% between 2017 and 2018, driven mainly by Europe and equipment sales, but the company’s current operating income of €37.1m was down -13% compared to 2017. In the same breath, the group’s consolidated net income was €23.9 million, up +35%, because of the sale of the Italian rental business.
The company said in a statement that the global mobile elevating work platform market remains “as dynamic as ever,” but the “increase in volumes during the year did not offset the unfavorable effects of customer and geographic mix, higher component prices and higher fixed costs resulting from the implementation of the new strategic plan.”
Because of such, Haulotte Group posted current operating incomes of €37.1 million (excluding foreign exchange gains and losses), or 6.6% of revenue, down -13% compared to 2017. As a result, net income from continuing operations fell by -15%.
The company also reported its net debt increased by +€63.9 million (excluding financial guarantees), due to planned inventory growth at the end of the year, to enable it to respond positively to the sharp increase in its order book.
“The current level of the order book, at its highest level since 2007, and continued strong commercial activity should enable the Group to post sales and current operating income growth (excluding foreign exchange gains & losses) of around +10% in 2019,” it stated.