15.09.2021

Second quarter bounce back for Haulotte

Haulotte has reported its full results for the six months to the end June.

Total revenues for the first six months of the year were €243.2 million, up nine percent on the same period last year. This was made up of new equipment sales of €208.8 million, up seven percent on last year, rental revenues 18 percent higher at €8 million, and services jumping 30 percent to €26.4 million.

Pre-tax profit for the period was €9.3 million, compared to a loss this time last year of €8.2 million. The company says that while the global aerial work platform market is recovering strongly it remains constrained by difficulties in sourcing of components.

In Europe sales accelerated sharply in the second quarter increasing six month sales by nine percent. In Asia Pacific, half year sales declined 18 percent while Haulotte sales in North America improved 39 percent, with aerial work platform shipment up 48 percent. South American revenues jumped 57 percent, albeit from a low level.

Haulotte says that it is currently holding record backlog/order book, exasperates by supply chain difficulties and strong growth in component prices, the impact of which will start to bite in the second half. In spite of this, the company is forecasting that full year sales will grow by at least 15 percent compared to 2020, with a healthy margin.

Vertikal Comment

This is a decent result from Haulotte, compared to last year, especially after such a weak first quarter. Supply chain issues are now really beginning to put a brake on growth, however that does at least help pricing improvements to be made to offset the increasing component and raw material costs.

While the sales growth in the second quarter is encouraging, first half sales remain almost 30 percent below the levels achieved in the same period of 2019, while profits are less than half the levels achieved back then. So still much to regain.