26.01.2024

Strong year for Manitou

French telehandler and aerial work platform manufacturer Manitou, has published its revenues for the fourth quarter and full year. The full results will follow in a couple of months or so. The results show strong growth in all areas that the company operates in terms of new machine sales and spare parts and services as well as all four regions. Total revenue for the 12 months came in at €2.87 billion, an increase of 22 percent compared to 2022.

Full Year 2023

Sales by division

New equipment sales €2.47 billion +25%
Parts and services €399 million +2%
Total Revenues €2.87 billion +22%

Sales by region

Southern Europe €971 million +17%
Northern Europe €1.05 billion +22%
The Americas €599 million +37%
Asia Pacific &ME/A €254 million +9%
Total Revenues €2.87 billion +22%

The order book/Backlog at the end of December was €2.3 billion compared to€3.5 billion a year ago, a fall of more than 34 percent on the year.

Fourth Quarter

Sales by Division
New equipment sales €712 million +13%
Parts and services €102 million +1%
Total Revenues €814 million +11%

sales by region

Southern Europe €284 million +3%
Northern Europe €300 million + 16%
The Americas €150 million +17%
Asia Pacific &ME/A €78 million + 19%
Total Revenues €814 million +11% €2.87 billion +22%

Order intake in the quarter was €269 million down almost 45 percent to from the same quarter last year.

Chief executive Michel Denis said: "The group ended the year 2023 with sales growth of 22%, reaching an all-time record of €2,871 million. All our markets and geographies recorded a positive dynamic. We are noticing a steady improvement in the fluidity of our supply chain and a gradual return to the operating practices we had before the Covid and inflation crises.”

“The slowdown in construction in Europe initiated in mid-2023 has continued. It has resulted in a decrease in our order book, which we have accentuated by increasing our industrial production rates and by not reopening orders for products with the longest delivery times.”

“For 2024, we expect the market downturn that we are experiencing in Europe to be offset by the dynamic of the North American market, by the additional production capacity recently commissioned on lines of business that were previously saturated and by the expansion of our product ranges. All the action plans implemented to improve the company's profitability, combined with better fluidity in the supply chain, have raised our expectation for 2023 recurring operating profit to more than 7% of revenues. For 2024, these dynamics enable us to anticipate stable revenue compared with 2023.”

Vertikal Comment

The numbers here a clearly extremely positive, although they do include a few minor acquisitions and price increases for sales from the order book, which are now based on the price lists in place at the time of shipment, rather than the time of order. The company adopted this policy halfway through 2022. Could this have impacted on its order intake which has plummeted, compared to some of its competitors. The company is also involved in the bid to persuade the EU to place tariffs on Chinese aerial work platform imports, something could easily irritate some of its customers, if the EU adopted the plan.

Having said all that the company is broadening its product range and upgrading its technology, and has a great deal going for it in terms of products and distribution. It cannot be complacent though, it has strong competition in several of the sectors in which it operates, whether that be Magni telehandlers, the leading Chinese aerial lift producers or its old foe JCB. Times are changing fast and it will also need to invest in its more in maintaining its brand awareness – an area where it seems to be slipping a little.

2024 will be an interesting year for the company.