Haulotte up 15% but 'no significant recovery in 2010'
By Murray Pollok31 August 2010
Haulotte said a "slight recovery" in the powered access market in the first half of 2010 helped it increase sales by 15% to €114.4 million. It warned, however, that "the world market is not expected to significantly recover over the entire year 2010".
The company made a net loss of €16.0 million, halving the loss made in the same period in 2009.
The group's new equipment sales rose by 19% to €84.5 million and its rental revenues rising by 14% to €17 million, largely because of a UK acquisition in 2009. Aftermarket revenues fell by 15% to €12.9 million because of "the sluggish rate of use of customers' fleet".
Haulotte said; "Equipment sales increased especially in America; the overall European market was flat, disguising positive and negative trends in individual countries."
The French manufacturer said its margins were still impacted by low production levels and by a further €8 million depreciation of current assets. The company continues to cut costs and said fixed costs were 8% lower in the first six months of the year.
The outlook, according to Haulotte, remains difficult; "The world market is not expected to significantly recover over the entire year 2010, due to a further difficult year for many of our rental customers.
"In this context, Haulotte Group will pursue action to reduce its working capital, continue to optimise its structures and maintain its research and development efforts to prepare for the future."
Haulotte said it had re-negotiated its agreements with its finance partners during the first half of 2010.