Manitou ends 2015 in profit
By Euan Youdale04 March 2016
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Revenue grew at Manitou by 3% in 2015 to €1.287 billion, compared to its 2014 financial year, while EBITDA stood at €91 million for the year, representing a 7% rise from the €78 million recorded in 2014.
Michel Denis, president & CEO, said, “In 2015 The Manitou Group strengthened its operating and financial performance. The recovery of business activity in continental Europe offset the slowdown in the market for rental companies in the USA. Industrial flexibility was further strengthened to adapt to market fluctuations.
“While confirming its sales growth prospects of around 2% in 2016, the group expects an improved recurring operating income of approximately 50 basis points."
Operating profit for the group stands at €61 million, or 4.7%, compared to €48 million, or 3.9% in 2014, while net income was €32 million, up from €30 million in 2014. Net debt of €66 million, a gearing ratio of 13%
Looking at the divisions, the Material Handling and Access Division (MHA) saw sales of €827 million in 2015 compared to €800 million in 2014, an increase of 3%. The division closed the period with recurring operating income of €43.9 million or 5.3% of sales, an increase of 2.7 points compared to 2014.
The Compact Equipment Products division (CEP) reported sales of €240 million, flat compared to 2014 and a decrease of 14% at and exchange rates. The division was hit by the sudden reduction in business by the US rental companies since last summer and the pressure of the US dollar on exports from the USA, said the company, as a result it carried out ‘adjustments’ in the business to cater for this situation. Recurring operating income stood at €4.4 million, or 1.8% of sales, compared to 7% in 2014.
With sales of €221 million, the Services and Solutions Division (S&S) recorded a 7% increase in its business activity, 3% at constant exchange rates. The division strengthened its focus on historical business and continued the roll-out of new service offerings, it said. The division closed 2015 with recurring operating income of €12.0 million, compared to €10.8 million in 2014, or 5.6% of sales.
