Manitou Group sales increased by 8% in the fourth quarter of 2014 to €333 million, compared to the same quarter in the previous financial year. For the full year sales stood at €1.287 billion, representing a 3% increase year-on-year.
Order intake on equipment in Q4 of €322 million versus €298 million in Q4 2014.
The Material Handling and Access Division (MHA) realised fourth quarter sales of €232 million, an increase of 21% quarter-on-quarter and 3% for the 12 month period, at comparable exchange rates.
At a comparable consolidation level, the division saw growth in all regions of the world except Asia Pacific, Africa and the Middle East (APAM), which was affected by the slowdown in Asia and the decrease in market prices for raw materials.
The Compact Equipment Products division (CEP) reported sales of €45 million, a decrease of 29% compared to the final quarter in 2014 and flat overall sales for the full-year, minus 14% at constant exchange rates. “Following several years of very strong growth, the rental market made a brutal stop in the third quarter of 2015,” said the company.
The slowdown was based on a slowdown in investments for schale gas exploration and uncertainties in some financial markets. In addition, the appreciation of the dollar weighed heavily on the division's exports from the USA. Given the strong impact of these changes, the division said it will change its production capacity.
The Services and Solutions Division (S&S) saw sales of €56 million, an increase of 4%, and 7% for the full-year period. The division continues to implement shared management tools and the launch of new services focused on users.
For 2016, the manufacturer is forecasting an overall sales increase of around 2%.
Michel Denis, president & CEO said, "The group experienced a very strong fourth quarter. European demand and business activity saw a strong increase throughout all regions especially in Russia which seems to have left its low point behind. France benefitted from a slightly improved business environment and the effects of new legislation (the Macron law) on rental companies. Moreover we were able to increase our market shares in Europe."
He added, "Lastly, the agricultural sector closed the period with newfound growth dynamics. On the other hand, the sudden decline of the American rental market in third quarter lasted until the year-end. Given these dynamics, the group closed the period with an order book more focused towards Europe.”