Growth outside Europe cannot balance fall in Haulotte's sales

Haulotte's initial end of year results show a dramatic drop in sales compared to 2007 but revenue from outside Europe has grown, as has that from service.

Haulotte announced that sales revenue for 2008 was 26.7% down on 2007 from €614.8 million to €450.8 million. The fourth quarter of the year showed particular decline dropping from €193.8 million in 2007 to €73.9 million in 2008 €9.5 million of which came from the new Bil-Jax subsidiary.

Haulotte said, "Strongly penalized by the severe slowing down of the world economy after the summer and the limitation of credit linked to the financial crisis, equipment sales declined 31%, while services grew 24% in sales and the rental activity remained stable."

Haulotte sales outside Europe increased by 40% compared to 2007, which accounts for 23% of total sales compared with 11% in the previous year.

The economic slow down and the lack of visibility regarding 2009, makes forecasting difficult: Haulotte said that it is taking the necessary measures to adjust its production and adapt its cost structures to protect its future cash flow.