04.03.2022

Manitou confirms results

Having published its revenues figures last month , French telehandler and aerial lift manufacturer Manitou has now published its full year financial results, which show a sharp increase in profit and the elimination of net debt.

Sales, as already reported, were 18 percent higher at €1.87 billion as to pre-tax profits the company has yet to post its annual report, but pre-tax profits increased almost 78 percent to €116.2 million. The full sales/revenue details were published in late January See: Manitou up 18.

Chief executive Michel Denis said: “The year 2021 has been marked by a fantastic commercial dynamic, with an unprecedented order intake and a record order book of €3 billion at the end of 2021. Our revenues grew by 18 percent compared to 2020 in an operating context disrupted by health crises, component shortages and inflationary pressures. Recurring operating income amounted to 6.6% of revenues. The group's financial solidity was strengthened during the year, which led the board of directors today to propose the payment of a dividend of 80 cents a share at the next general shareholders’ meeting.

The acceleration of inflation at the end of last year has created a squeeze on margins which we expect to continue in the first half of 2022, before being gradually corrected in the second half. Furthermore, in the absence of new major disruptions in the global economy, inflation dynamics, and based on the assessment to date of the effects of the war in Ukraine, the group expects its revenues to grow by more than 20 percent compared to 2021 and to sustain its operating income rate to revenue

Vertikal Comment

This conforms what we said when the revenues were published earlier this year. The company has a record order book and looks well placed to achieve its goals for 2022, depending of course on the outcome of the current crisis.