07.03.2012

Solid profit for Manitou

Access and telehandler manufacturer Manitou has reported its full year results which confirm its earlier revenue announcements and show that the company turned a pre-tax profit of €44.87 million in 2011, compared to a loss of €9.55 million in 2010.

Total revenues were as already announced €1.13 billion of which just over 70 percent came from telehandlers and access equipment. Click here to see Manitou back above a €billion

Chief executive Jean-Christophe Giroux said: “Despite persistent operational hurdles we’ve out performed our own expectations and our 2011 health check really shows a full recovery. We’ve come a long way in just two years, but we now want now to project ourselves into the future again. Looking ahead, we believe we are blessed with a unique business opportunity, and want to reaffirm our positioning as THE Material-Handling Reference. We want to take advantage of all growth opportunities in a developing, yet fragmented market and double our business over the next three to four years, topping the peak of our last cycle by 35 percent.”

“2012 will represent a first milestone in this Re-foundation. It means fixing some old problems from the past, taking the full dimension of our present and setting ambitions for the future. Our IMH and CE divisions are taking new turns and RTH now fully focuses on higher standards of operational performance. We have a lot to work on but the path to success is clear and we are in full marching order. Yet we also want to further improve our financial performance, all the way down the P&L with operating margin up one point and EPS growing by 50 percent. In this context, I see the proposed dividend as an appreciation for stockholders’ support during three difficult years and another token of our confidence into our future.”