Manitou records ‘dynamic’ start to the 2023 financial year

MANITOU Group is reporting revenues of €665 million for the first quarter of 2023 – an increase of 48% compared with the same period in 2022.

Order intake on equipment was €455 million compared to €637 million in Q1, 2022. The order book on equipment at the end of the quarter stood at €3,414 million – up from €3,274 million a year ago.

The product division reported quarterly revenues of €562 million, up 58% compared to Q1 2022. With revenues of €103 million, the services & solutions division recorded an 8% increase in activity compared to Q1 2022.

Michel Denis, president & CEO, said the group has started the 2023 financial year with a ‘dynamic’ first quarter. He added, “The increase in production rates achieved during 2022 has enabled us to deliver revenues up by 48% compared with the first quarter of 2022, which was particularly affected by the sanitary crisis and supply difficulties.

“From an operational point of view, we note a slight improvement in the tensions on our supply chain, without considering that this topic is behind us.

“In 2023, the group’s performance will depend on our ability to produce, given the depth of our order book, and so far, the slowdowns we are seeing in the construction in Europe are not affecting our capacity of growth for the year, especially since, outside the United Kingdom, rental companies are still favourably oriented to purchase.

“In this context, we reiterate our expectations of annual revenue growth of around 20% compared with 2022 and an increase in the recurring operating income rate of around 100 basis points.”