29.04.2010

Manitou ramps up

Access and telehandler manufacturer Manitou says it is ramping up production in spite of a 16 percent fall in first quarter revenues.

Revenues by major product group were:
-Rough Terrain Handlers – largely telehandlers – were down 14 percent to €116.2 million.
-Industrial handing equipment fell 30 percent to €24.9 million.
-Compact equipment remained stable at €21 million.

In geographic terms France fell 14 percent to €58.6 million, the rest of Europe down 20 percent to €67.6 million, the Americas also down 20% at €17.3 million and the rest of the world up by 21 percent to €18.6 million.

Jean-Christophe Giroux, Manitou chief executive said: “After resuming growth in the fourth quarter 2009 we’re now getting above the 2009 level year-over-year. The level of orders in the first quarter does not appear to be sustainable, as it reflects more 2009 corrections than 2010 demand pick-up, but we’re very active organising ourselves for this new momentum.”
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Matt Fearon of Genie (L) and Jean-Christophe Giroux CEO of Manitou confirm their joint supply deal

We’re streamlining our organisation and introducing a fresh approach to our business that has been very well received at Bauma last week, including our cross-selling agreement with Terex in Aerial Work Platforms. At the same time, ailing suppliers are putting our lead times under more pressure and compromising our capacity to capture
more business. In this context, visibility for the second half remains poor but does not spoil our enthusiasm to fight our way up again.”

Vertikal Comment

As residential construction begins to recover in many European countries Manitou, along with its main competitor JCB, stands to benefit thanks to its strong position in the construction market for telehandlers.

It is odd to see such a steep plunge the company’s industrial sales and the statement from Manitou makes no mention of what caused this.

In summary the underlying information within these numbers is yet another positive indicator that the market as a whole is beginning to emerge from the recession and grow..