Profit fall for Haulotte
By Euan Youdale09 March 2016
Haullote saw its revenue rise by 8% in 2015 to €445.3 million, compared to 2014, although consolidated net income fell by 4% to €27.7 million, or 6% of sales, compared to 2014.
Operating income fell 9% to €34.4 million in the 2015 financial year, resulting from negative currency fluctuations at the end of the period, especially the US dollar, said the France-based manufacturer.
Nevertheless, revenue growth was driven by North America, where sales rose 32% at constant exchange rates and by 27% in Asia Pacific, also at constant exchange rates, in a favourable currency environment.
Current operating income, excluding exchange rates and losses stood at 32.4 million for the year, up 2% on 2014 and amounted to 7.3% of revenue.
“The increase is mainly due to increased gross margin on aerial work platforms sales, service and rental activities, with fixed cost growth controlled in line with business development and strategy,” said the company in its statement.
The Group said the results reflected a solid balance sheet, thanks to good working capital control, which reduced in one year from 152 days to 117 days of sales, and a €5.8 million decrease in net debt to €68.3 million.
“Like the last quarter of 2015, commercial activity continues to be strong at the start of the year, mainly in Europe, where the return on investment of major rental companies seems to be confirmed. In this context, Haulotte Group expects sales growth of close to 5% in 2016 and a further improvement in its current operating margin rate,” said the statement.
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