Haulotte Group posted €114.4 million (about U.S. $147.3 million) in revenue in the first half of 2010, a 15-percent increase compared with €99.8 million in the first half of 2009. Equipment sales jumped 19 percent from €70.8 million in the year-ago period to €84.5 million this year, with equipment rental leaping 22 percent from €13.9 million to €17 million, primarily because of the full-year impact of a 2009 acquisition in the U.K.
The company said the overall European market was flat, with increases in some markets and decreases in others, but equipment sales increased substantially in North America. The services business dropped 15 percent year over year from €15.1 million in the first half of 2009 to €12.9 million this year, primarily because of the sluggish rate of use of machines in customers’ fleets.
Still net income was a loss of €16 million, a 50-percent improvement from the first half of 2009 when the loss was €32.1 million. “The operating margin remained impacted by the low level of production activity and a further depreciation of current assets of €8 million,” the company said. “Cost reduction plans continued during the first half of 2010 and helped reduce fixed costs by 8 percent.”
The company said the world market is not expected to significantly recover over the full-year 2010 because of “a further difficult year for many of our rental customers. In this context, Haulotte Group will pursue action to reduce its working capital, continue to optimize its structures and maintain its research and development efforts to prepare for the future.”
The company has signed a re-negotiated agreement with its banking partners during the first half of 2010.