Mixed half year for Haulotte
By Euan Youdale01 September 2015
Haulotte Group sales stood at €207 million in the first half of 2015, compared to €207.2 million in the same period last year. At a constant exchange rate, revenue was down by 8%.
Excluding currency effects, there were strong performances in Asia, up 17% compared to the previous half year and North America, which saw an 8% sale increase.
These figures offset a different picture in Europe over the same period, where there was a 13% decline in sales. The manufacturer said this was due to the “wait and see” attitude of major rental companies. Latin America saw a steeper drop in sales of 34%.
The group's other activities saw growth in the first half of the year with services seeing a 9% rise and rental increasing its revenue by 3%, based on constant exchange rates.
Operating income was up 33%, €17.9 million, driven by strong currency effects. Although current operating income, representing 5.2% of sales and excluding gains and losses was down 31%. It was, “Impacted by increasing competition with prices not yet reflecting changes in exchange rates, and higher fixed costs due to continued focus on the Group's strategic axis of development, particularly innovation,” said the manufacturer.
The group's net debt remained stable over the period. Looking ahead, Haulotte said strong commercial activity during the summer and the Euro/Dollar rate remaining favourable allowed it to confirm sales growth expectations of close to 5% for 2015 and a current operating margin rate in line with that delivered in 2014.