10.03.2021

Red ink for Haulotte

French manufacturer Haulotte has released its full year profit and loss numbers which show a pre-tax loss.

Revenues were, as already reported, 28 percent lower at €439.6 million, while new equipment sales were down almost 29 percent to €381.5 million and rental revenues plunged 42 percent to €12.5 million - see: Haulotte modestly optimistic.

As expected, the challenges of Covid-19 pushed the business into the red, with a pre-tax loss of €15.6 million compared to a €26.7 million profit in 2019. Some of this is due to currency losses of €14.66 million, thanks to the strong euro against the dollar, sterling and South American currencies during the year. The company also took an additional €4.3 million write down on North American goodwill. Net debt was increased over the year by €11.6 million - due to "strategic investments".

The company has already stated that the fourth quarter order intake was better than anticipated and that the year got off to a good start.