06.03.2023

Profit dip for Manitou

Manitou has released more details on its financial results for 2022, which show how higher costs, price increase lag due to a large order book, and supply chain issues have hit profits in its new equipment business.

As already reported sales jumped 26 percent to €2.36 billion See: Strong finish for Manitou.

pre-tax profit
Pre tax profits slipped 31 percent to €79.6 million, due the points made above affecting the new machine manufacturing and sales division. The company is now forecasting revenue growth for 2023 of around 20 percent.

Operating profit by division
Overall operating profits declined by a similar amount to €119.2 million, however the results of the two operating divisions were quite different. Operating profit at the New product division more than halved to €41.5 million, while the operating profit from the Services division increased 27.5 percent to €40.8 million.

Net debt at the end of the year was marginally higher at €213 million, compared to €208 million at the end of 2021.
Chief executive Michel Denis said: "2022 was marked by strong revenue growth in a context of very dynamic markets and a very deep order book. The tensions on the supply chain and inflation were very strong. The commitment of the teams enabled us to overcome the supply chain difficulties and to significantly accelerate production. Inflation was immediately reflected in sales prices, but with a time lag effect due to the depth of the order book. This situation caused a significant cyclical squeeze on margins.”

“In this difficult context, the group has made progress on its roadmap. 2022 was marked by our commitment to a low-carbon trajectory validated in June by the SBTi and supported by the launch of our first electric telehandlers, by the acquisition of a company producing batteries, and by the presentation of our hydrogen strategy and our first hydrogen prototype. In services, we intensified our digitalisation efforts, acquired two companies in Finland and Italy, and strengthened the capacities of our parts distribution platforms.”

“In terms of products, we have renewed our core construction range developed on a new shared platform, accelerated innovation, inaugurated our new aerial work platforms plant in France and launched a massive plan to expand the industrial capacities of our two American production sites.”