Manitou sees 48% revenue increase in final quarter

Manitou reported a 23% increase in revenue in 2010 and a 48% jump in the final quarter of the year. Revenues for the year were €838.3 million and Manitou said it expected sales in 2011 to grow a further 20%.

In the final quarter of the year, sales to North America (where Manitou owns Gehl and Mustang), increased by 138% to €34.1 million, while sales in Europe (outside France) were up 29% at €106.2 million). Sales in France rose by 20% to €75.0 million. Revenues in the rest of the world were up 33% to €27.8 million.

Jean-Christophe Giroux, Manitou's president and chief executive officer said, "It's been a strong Q4 and a good finish for 2010 which will remain as the year of the rebound.

"Even if market conditions are still very tough to read, we cannot deny a better environment and a catch-up effect in renewal cycles. The rebound has been spectacular with compact equipment in North America, but coming from a very low level"

Mr Giroux said the year-end backlog now stands at 7500 units; "The flipside is that we still cannot source components fast enough to [meet demand], resulting in overheating and under efficient operations. Still, we expect to be close to EBIT break-even on a full-year basis in 2010."

He said 2011 would see the company make net profits; "With top line growth around 20%, EBIT performance will depend entirely on our ability to improve our efficiency and manage the suppliers' double squeeze from raw materials increase and constrained manufacturing capacity."