Manitou’s revenue grew 3.5% to €1.332 billion, or 5% at constant exchange rate, during its 2016 financial year, compared to 2015, partly as a result of the group’s expanding geographical presence.
Recurring operating income stood at €71 million, up 5.3%, while EBITDA was €99 million, a rise of 7.4% compared to the previous financial year.
In geographic terms, business was particularly strong in France and in Southern Europe. “In market terms, progress has been most marked in the construction sector outside the United States and in the industrial sector,” said the company.
“The positive trend in order intakes which was observed at the end of last year has been significantly amplified across both markets and geographical areas, most notably in the United States."
The Material Handling & Access Division (MHA) reported sales of €904 million in 2016, representing 9% growth. The division ended the financial year with a recurring operating income of €62.3 million, or 6.9% of turnover, an increase of 1.6 points over 2015.
The Compact Equipment Products Division (CEP) reported sales of €203 milllion in 2016, down 15% compared to 2015. “The division suffered from a sharp decline in sales on American markets which are both very depressed and highly competitive, and from the added pressure on exports caused by the high price of the dollar. The financial impact caused by the scale of the downturn was only partially offset by a reduction in the break-even point,” said the manufacturer. Recurring operating income closed at -€6 million or 2.9% of sales compared to +1.8% in 2015.
With sales of €225 million, the Services & Solutions Division (S&S) recorded a 2% sales increase compared to 2015. In 2016 it registered a recurring operating income of €14.3 million, or 6.3% of sales, an increase of 0.7 points against 2015.
Michel Denis, Manitou Group president and CEO, said, “The increased confidence of our customers allows us to anticipate for 2017 a growth in sales of approximately 5% to 7% compared to 2016 and, bearing in mind the rapid adaptive measures to this new context, an increase in the order book and in purchase prices, a growth in our recurring operating income of approximately 50 basis points."