28.08.2014

Profit boost for Manitou

Manitou has released its full financial results for the first half which show a steep rise in profitability

Total revenues were as we have already reported €642 million, nine percent higher than in the same period last year. See earlier coverage of Manitou’s half yearly sales figures

Pre-tax profits for the period were €21.65 million compared with €1.68 million last year and more than two and half times the full year profit for 2013. Net debt at the end of June was €90 million compared with €85 million at the start of the year and €57 million this time last year.

Chief executive Michel Denis said: “The 2014 half-year results were totally in-line with our roadmap and confirmed the forecasted improvement in the group’s financial performance. The nine percent growth in sales compared to the first half 2013 (+13% like for like) were achieved within a difficult environment and permitted us to strengthen our market position through improvements in our market share. That was made possible thanks to the work of our teams and our networks which could rely on an efficient and responsive operating chain.”

“The improvement in our gross margin to 14.5 percent of sales (13.7% in H1 2014) combined with the decrease in overheads resulted in operating income from continued operations of €24.5 million or 3.8 percent of sales (0.9% in H1 2013). Our financial structure is reinforced and solid, and the net debt level remains very much under control and within the same magnitude as of last December. The downward trend in the euro exchange rate in recent months is very good news and, in addition to our continued efforts to reduce general overheads, contributes to the improvement in results.”

“In the second half-year, we remain very attentive to market developments for the rental and agriculture markets, for the first because of its high volatility and for the second because of its already pronounced slowdown. We are pursuing our development efforts in growth regions, especially in North America and Northern Europe. We are also continuing to move forward with the implementation of our new roadmap through the recasting of our organisation and the simplification of our processes.”