Haulotte’s half-year results
In a global aerial work platform market that remains as dynamic as ever, and where pressure on component supplies continues to decrease, Haulotte recorded historic half-year sales of €403.7 million up +40% on the previous year. This change is mainly due to the sharp rise in volumes sold and the positive impact of price increases.
In Europe, sales rose by 25%, driven by all markets except Russia, which is at a standstill. In Asia-Pacific, Haulotte continued the trend observed in the first quarter, posting sales growth of 36% for the first half, driven mainly by Australia. In North America, Haulotte confirmed the sales momentum seen in previous publications, with first-half sales up 85%, largely driven by the aerial work platform business, which grew by 130% year-on-year. In Latin America, Haulotte recorded sales growth of 47% compared with the same period last year, again driven by sales in Brazil.
At 30 June 2023, equipment sales had grown by 44% over the first half, rental sales by 5% and services by 17%.
Current operating income (excluding foreign exchange gains and losses) was 13.3 million euros, or 3.3% of sales, driven by strong volume growth and the first positive effects of sales price increases, in a context of slowing production cost increase.
The Group’s net income amounting to 0.5 million euros, or 0.1% of revenue, was negatively impacted by unrealised foreign exchange losses (8 million euro) as the currency environment was less favourable for the Group over the first half of the year.
Group net debt (excluding guarantees and IFRS16) amounted to 261.1 million euros at 30 June 2023, up 15.1 million euros over the period, was impacted by the increase in working capital requirements (23.6 million euros) linked to the strong growth in activity despite the return to profitability and the reduction in inventories observed over the period.
Driven by a still dynamic market, and a backlog that remains well above normal, Haulotte expects annual revenue growth from 25% to 30% in 2023 and a current operating margin from 3% to 4% of net sales (excluding foreign exchange gains and losses).