31.01.2012

Manitou back above a billion

Access and telehandler manufacturer Manitou has issued its top line revenue numbers for 2011.

The company achieved total revenues of €1.13 billion – 35 percent higher than for 2010. All divisions posted strong gains, both for the full year and in the fourth quarter.

The Rough Terrain Handling business, largely telehandlers and aerial lifts, saw sales for the full year climb by 36 percent to €796.3 million – just over 70 percent of the company total and for the fourth quarter by 27 percent to €214 million.

Compact Equipment – the North American based Gehl/Mustang operation, saw revenues for the year grow 47 percent to €187.9 million and for the quarter by 34 percent to €52.4 million.

Revenues at the industrial division saw more modest growth percentages of 19 and 23 percent respectively.

Geographically the fastest growing region was North America where revenues increased by 57 percent for the year to €178 million. France was up 34 percent to €365.5 million, the rest of Europe up 30 percent to €469.6 million and the rest of the world up 28 percent to €117.9 million.

Manitou will not publish its full results until March, but these revenue numbers ought to take the company firmly back into profit.

Chief executive Jean-Christophe Giroux said: “Quarter four was a great finish for our 2011 recovery, despite the difficult operational environment. Interestingly, we’re halfway through our 2007 peak and our 2009 trough. Order intake has been strong again and our current backlog provides a fair visibility into 2012, which we see grow again by 10 to 15% over 2011. The economic situation is still very volatile, across countries or segments; we do our best to stay agile and grab opportunities while watching all possible slowdown signals. Operationally, we want to make 2012 a re-foundation year with in-depth reforms on industrial flexibility, product plans and new ambitions for our future. We are convinced of the long-term potential of our markets, and determined to expand our leadership further in the coming years.”

Vertikal Comment

This is an excellent result for Manitou and reflects the substantial rebound in the telehandler market, a strong pick up at Gehl and much stronger sales from its access division.

This is the third best year in company's history, just exceeding the sales levels for 2006, but getting on for double those of 2009. This should push the company well into the black for 2011, and 2012 looks as though it will be even better.

The company might just be ‘on a roll’.