10.03.2014

Profits slump at Manitou

Manitou has published its full results for 2013 which confirm previously stated revenues, with profits barely a quarter of last year’s levels.

Total revenue was very marginally better than its preliminary statement at €1.176 million, seven percent lower than in 2012, while pre-tax profits fell from €36.9 million in 2012 to just €8.2 million in 2013. Net debt was cut by 18 percent to €84.5 million.

Chief executive Michel Denis said: "The results in 2013 reflect the decrease in sales of seven percent of which, be reminded, four percent is related to the termination of Toyota distribution and two percent to changes in the value of the euro. In 2013 the group's results were impacted by an increasingly competitive environment exacerbated by pressure on margins related to adaptation to new engine standards, as well as the impact of currencies.”

“Launched in March, the evolutions in governance and the refocusing of the group on operational issues and profitability have partially offset these external pressures, however, not totally compensated for them. The recurring operating profit in the second half is a clear improvement compared to the first. The group closed this difficult year with a net income of €700,000.”

“To reverse this trend, the group will strengthen its commercial development, optimise its margins and lower its breakeven point. The stakes are high, but a lot of work has already been achieved towards that goal in the last year. I'm absolutely convinced that we're already on the path towards further success. Our leadership, the confidence of our network, of our customers, the reputation of our machines and the motivation of our teams are key assets upon which we can rely to succeed."
See Manitou revenues trend up