French machinery manufacturer Kuhn has recorded significant losses throughout the first half of 2024 compared with the same period during 2023.

The order book for the first six months of the year amounted to €285m, some 52.8% lower than 2023 when orders for the six-month period amounted to €604m.

Total net sales stand at €704m for the first six months of the year, some 15.1% down on the same period during 2023.

High interest rates

Kuhn parent company Bucher Industries cites lower prices for agricultural products and high interest rates as some of the reasons why farmers and contractors have been unwilling to invest to the same extent as previous years.

In addition, the inventories of agricultural machinery in the dealer network remain high and was reflected in a significant decline in order intake, especially in Brazil and Europe.

The group expects a further decline in orders within the tillage farming sector, while the mood within the livestock sector remains slightly better.