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Manitou up 18%

Telehandler and aerial lift manufacturer Manitou has published is full year sales figures for 2021.

12 month revenues were €1.87 billion, made up of €1.53 billion of new machine sales, up 19 percent on 2020, and €340 million for Services and Solutions - parts, service, finance and used sales etc - an increase of 13 percent on the year.

Geographically the total revenues were broken down as follows:
Southern Europe €602 million + 8%
Northern Europe €750 million + 28%
The Americas €335 million + 13%
Asia Pacific €188 million + 25%

In the fourth quarter machine sales were eight percent higher at €382 million, while parts and service revenues improved 16 percent to €91 million

Geographically the revenues were broken down as follows:
Southern Europe €158 million + 2%
Northern Europe €178 million + 17%
The Americas €81 million + 2%
Asia Pacific €56 million + 23%

Chief executive Michel Denis said: “The group closed the year with an 18 percent increase in revenues compared to 2020. It is thanks to the commitment of all the teams that this performance has been achieved in a context of increased tensions on the supply chain. All sectors, markets and customers also contributed to a strong acceleration in demand. In quarter four order intake reached a new high, as did the orderbook with an all-time high of €3 billion. The industrial organisations are designed to meet the demand of our customers in an environment of supply chain pressures and price inflation. In view of these factors, the group expects revenues to grow by more than 20 percent compared to 2021.”

Vertikal Comment

This is a respectable result from Manitou, although well below what we saw from JLG earlier this week, but as the order book indicates supply chain issues are having an impact, and that will surely show up in the bottom line when the full results are published.

Manitou has been taking steps to overcome the issues and has much going for it in 2022, with a slew of new products moving into production and additional production capacity coming on line as the year progresses. It has also managed to substantially reduce its debt load during the pandemic and it looks as though 2022 will exceed the record sales levels it achieved in 2019, although some, if not all of that is down to inflation. If all goes according to plan 2023 will be the year when it really reaches new heights.