14.04.2015

Haulotte improves 10%

Haulotte has reported first quarter revenues of €98.2 million, 10 percent higher than in 2014 – made up of 2.5 percent more business and 7.5 percent due to currency movements. Sales of new machines improved two percent excluding currency factors, while service revenues improved 10 percent. At the same time rental revenues dipped two percent.

Geographically, sales were 18 percent higher in the Asia-Pacific region, seven percent in North America and six percent in Europe. Revenues from south America plummeted 44 percent.

As a result of the first quarter activity, the company is forecasting full year growth close to five percent.

The company has also announced that it has agreed a liquidity contract with Exane BNP Paribas, which will run from this month through until the end of the year. Haulotte will put €102,171.80 in cash, the equivalent of €11,524.85 Euros in money market funds, along with 139, 418 Haulotte shares.
Exane will use the funds to buy and sell Haulotte shares on behalf of the company in order to improve the liquidity and trading activity of the shares throughout the year.

Vertikal Comment

This is a little slower start to the year than we would have expected, however most of this is due to higher contribution that South America made in the first quarter of 2014. This is likely to drop out over the rest of the year, which should see higher percentage gains as the year goes on. Based on this the five percent growth looks a tad conservative.

The liquidity agreement should help stimulate and stabilise trading in the company’s shares and perhaps counter some of the cynicism of the French bourse.