MANITOU Group has revealed revenues of €730 million for the final quarter of 2022 – a 54% rise compared with the same period 12 months earlier.
It means revenues for the full year stand at €2.362 million, up 26% on 2021 levels. However, the equipment manufacturer has revised its operating profit estimate to be around 3.5% of revenues.
Manitou added that it expects revenue growth in 2023 of more than 20%.
Michel Denis, CEO of Manitou, said, “The group continues to accelerate its growth by closing the year with a 54% increase in Q4 revenues compared to Q4 2021. Over the entire year, our revenues grew by 26% and reached a new historical record at €2.36 billion.
“The commitment of our teams and the adaptation to a supply chain environment that is still not very fluid have enabled us to achieve this performance.
“As announced, sales price increases had only a partial effect in 2022. The very high level of invoicing in the fourth quarter concerned old orders with low margins, which weighed on the operating margin for 2022 and led the group to revise its operating margin estimate for 2022 to around 3.5% of its revenues.
“The markets remain globally well oriented. Only the construction sector in Europe, in particular the United Kingdom and Germany, is showing less dynamism or a slowdown. This is not, however, noticeable among rental companies, which remain in demand on all continents.
“The industrial organisations are designed to meet our customers’ demand in a supply chain environment that remains tense and inflationary. We expect inflationary pressure on our margins to return to a normative situation in H2 2023. For 2023, the group anticipates a revenue growth of over 20% compared to 2022.”
