Record year for Manitou Group
30 January 2019
The company has grown 40% in two years and experienced an 19% increase in revenues over last year
Manitou Group has reported a record year with revenue growth of 19% to €1,884 million compared to 2017. The fourth quarter of 2018 saw revenues of €523m, up 21% compared to the same period in 2017.
Michel Denis, president and CEO, attributed the growth to progress in Northern Europe and North America, along with an increase in sales of its mobile elevating work platform line.
“2018 is again a record year for the group,” Denis said. “…Cumulative order intake of €1.9 billion and an order book that, for the first time in our history, has crossed the €1 billion threshold. Overall, the group will have grown by around 40% in just two years.”
The company said construction has fueled sales, “a sector in which our performance with rental companies has been very strong on all continents. The dynamics in agriculture and industries were also excellent,” Denis noted.
The Material Handling & Access (MHA) Division posted quarterly revenue of €364m, up 21% compared to Q4 2017 and 18% over 12 months. “Order intake was very strong, which is reflected in the year-end backlog,” the company said.
Noting an increase of sales and interest in its mobile elevating work platforms, the company said construction of a second aerial platform factory in Candé has been approved. The €26 million investment will be completed at the end of 2020.
The Compact Equipment Products (CEP) Division, which includes the company’s Gehl and Mustang lines, generated fourth-quarter revenue of €88m, up 29% compared to Q4 2017 and 28% over 12 months. It was the group’s strongest sector of growth, which it attributed to sustained development in the U.S., particularly among rental companies.
With sales revenues of €72m, the Services & Solutions (S&S) Division recorded a 12% increase in revenue compared to Q4 2017 and a 10% increase over 12 months.
“Aware of the current uncertainties regarding the accumulation of risks that could potentially trigger an economic slowdown, we remain focused on our development objectives while ensuring that we are still agile in the event of a turnaround,” the company said. “Although cautious but confident, the depth of our order book allows us to anticipate, all other things being equal, a revenue growth outlook for 2019 of around 10 percent compared to 2018”.
