19.09.2011

Strong profit growth at Manitou

Telehandler and access equipment manufacturer Manitou has issued its first half earnings report, which shows the company had net income of €15.2 million in the first half of 2011, compared to a loss of €14.3 million in the same period last year.

The report also confirms the revenue and order intake numbers issued in July which showed total revenues up 45 percent to €561.6 million.

Looking at the three business divisions:
- Rough Terrain Handling, which is 90 percent telehandlers and mast RT fork trucks and 10 percent powered access, saw revenues rise 45 percent to €397.1 million, with gross margins of 14.9 percent and an operating income of €20.7 million

- US based Gehl – the Compact Equipment division had revenues of €90.6 million a rise of 68 percent, while achieving the highest margins of the three at 17.3 percent. Operating income was just €500,000 though.

- Finally the Industrial and material handling division had revenues of €73.8 million 24 percent up on 2010, with margins of 13.8 percent and an operating income of €100,000.

The consolidated gross margin was 15.1 percent compared to 14.3 percent last year. Net debt was cut in half, from €182.4 million last year to just €92 million at the half year 2011.

Manitou is now forecasting full year revenue growth of around 30 percent, with earning s before interest and tax of four to five percent. To see Manitou up 45% - click here

Chief executive Jean-Christophe Giroux said: “With all three divisions profitable, a positive bottom line and a strengthened balance-sheet, we're at least six months ahead of our 2011 financial recovery objectives. Equity is back above its June 30, 2009 level while net debt has been divided by four. We still have a lot to do but we can at least celebrate the end of a very dark period and we are particularly proud of Compact Equipment getting back in the black.”

“Looking forward, we're sold out throughout end-2011 and our H2 performance will only depend on suppliers' deliveries this remains our number one problem. Having said that, new clouds in worldwide economics could affect our customers' confidence in renewing or expanding their equipment fleets and we will be carefully monitoring order-intake in the coming months to ascertain possible new business trends. In the meantime we will continue on our efforts on new-engines roadmaps, and will increase our focus on customers and market drivers.”