Haulotte Group posted consolidated revenue of €53.6 million (about U.S. $73 million) in the fourth quarter of 2009, compared with €73.9 million for the same period in 2008, a 27.5-percent decrease. For the full year of 2009, Haulotte posted €202 million (about U.S. $275 million), a 55.2-percent decline compared with full year 2008.

Equipment sales accounted for 69 percent of the revenue, versus 85.1 percent in 2008, declining by 63.6 percent. Services decreased by 11 percent and rental activity by 2 percent. European sales declined by 63.1 percent to €139.9 million, while North American sales grew 4 percent to €33.8 (of which €21.9 million came from the Bil-Jax subsidiary). Asia and South American regions accounted for 8.3 percent and 5.7 percent of revenue and declined by 15 percent and 39 percent respectively.

The company said business has been stable since the beginning of 2009 and the fourth quarter was a slight improvement compared with the previous quarter. “However, the wait-and-see approach adopted by many of our customers and the limitation of credit means we are unlikely to see a market recovery during the first half of 2010,” the company said in a statement.

The Haulotte Group continued with its cost-reduction strategy in 2009, but profitability still suffered from low sales volumes and high inventories.

Following the breach of its financial covenants during the second half of 2009, Haulotte Group reached an agreement with its bankers on new credit conditions until July 2013.