02.03.2016

Steady improvement for Manitou

Manitou has posted its preliminary results for 2015, showing a three percent rise in revenues and sharp improvements in European profitability. [[http://www.vertikal.net/en/news/story/24758/]]For more revenue details click here for Manitou ends up 3%[[link]]

The Material Handling and Access Division – largely telehandlers and aerial lifts - achieved full year revenues of €827 million, three percent higher on the year, while operating income more than doubled to €40.9 million due to substantial cost efficiencies.

The Compact Equipment Products division – mostly Gehl – reported revenues of €240 million, roughly the same as last year, although 14 percent lower in local currency. The division was hit by the sudden discontinuation of business by the US rental companies since the summer and the pressure of the US dollar on exports from the USA. Operating profits dropped from €17 million in 2014 to just €4.3 million in 2015.

The Services and Solutions division achieved a seven percent increase in revenues to €221 million, - three percent at constant exchange rates. Operating profit was over 11 percent higher at €12 million.

The company as a whole reported revenues three percent higher at €1.29 billion, while pre-tax profits were up almost 24 percent to €49.2 million. Net debt was reduced by 32 percent to €66.1 million. The company says that it expects a further two percent growth in revenues during 2016.

Chief executive Michel Denis said: “In 2015 Manitou strengthened its operating and financial performance. The recovery of business activity in continental Europe offset the slowdown in the rental company market in the USA. Industrial flexibility was further strengthened to adapt to market fluctuations. In 2015, the group continued the launch of new models, introduced new service offerings and improved its position in its markets”.

“Strengthened by these factors, the group achieved its results ahead of its planned roadmap. While confirming its sales growth prospects of around two percent in 2016, the group expects an improved recurring operating income of approximately 50 basis points."

Vertikal Comment

A solid performance from Manitou which would of course have been substantially better if the US market had not suffered a double whammy. The company has managed to further reduce its debt and is in excellent shape both to weather any storm or benefit from an further pick up in the market.