08.07.2022

Strong first half for Bravi

Bravi Platforms has reported a 20 percent increase in first half sales revenues to just over €12.3 million along with a 60 percent rise in first half order intake.

The growth compared to the first half of 2021 was driven by a 57 percent increase in sales of the Leonardo HD, and a 53 percent jump in sales of the 11ft Sprint model, while surprisingly order intake for the 7ft Spin-Go push around platform/stock picker doubled.

Bravi says that it has increased production of its best selling Leonardo HD by 66 percent to 25 units a day, while production of the Sprint were increased by 50 percent to 15 units a day - helped by a million Euro investment in the production lines this year.
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The popular Bravi Leonardo HD

Chief executive Pierino Bravi said: “After closing 2021 with an unprecedented 70 percent increase in the volume of sales compared to 2020, Bravi’s performance during the first half of 2022 ended with solid and growing sales numbers and revenues. The growth recorded in this first semester of 2022 went slightly above what the company initially forecasted, with a 60 percent rise in the volume of orders, which however, due to the widespread supply chain disruption and of subsequent delays occurring in the deliveries of components, only translated to a 20 percent increase in overall revenues.”

“Considering the projected growth rate given by the current order balance, we estimate to be able to close 2022 with a global increase in sales of around 50 percent. However, due to these delays from our suppliers we estimate that the actual revenue will only translate into a 30 percent increase in overall revenues, despite our increased production capacity.”

“In the past months, we were able to enhance our daily production going from 15 to 25 Leonardo HDs and from 10 to 15 Sprint units. Significant additional investments are already planned for 2023, that will be made public in the forthcoming months.”

Vertikal Comment

Bravi is no different than most other manufacturers facing component shortages which is holding back shipment volumes, extending lead times and expanding order books. The increases in daily production units for its two most popular products is therefore quite an achievement, and ought to benefit the second half more than the first.

Sadly, as is often the case with most privately held companies we do not have numbers to go with statistics.
The risk to companies like Bravi is that it is likely to turn potential customers towards other suppliers, and in particular those based in China or western manufacturers who badge products built in China where shortages do not appear to be quite as critical.

Bravi has an advantage with its Leonardo HD in that it is fairly unique and for many rental companies or major contractors there is no alternative for many applications.

All in all, 20 percent growth is pretty good when it follows on from a year in which revenues expanded by 70 percent.