MANITOU’S half-year results have revealed a 33% rise in revenues compared to the same period in 2022.
The equipment manufacturer has posted half-year sales of €1,402 million and recurring operating income of €88.1 million (2022: €45.8 million).
Manitou is anticipating revenue growth of around 20% in 2023 compared to 2022 and expects recurring operating profit to be over 5.5% of revenues.
Michel Denis, President & CEO, said, “With an increase in revenues of 33% compared with the first half of 2022 and a near doubling of recurring operating profit, the first half of 2023 marks the group’s comeback to very positive growth and performance. This record level of activity is the result of our high production levels, achieved in a context of better operational fluidity. Sales are increasing in all sectors and geographical areas.
“In terms of financial performance, the fast improvement in our profitability is the result of order book management, both in terms of price adjustments and order flow management, the slowdown in inflation on raw materials, and relentless action to raise our profitability.
“The outlook for our markets is becoming less visible. In the construction sector, the slowdown we observed in Germany and the UK is gradually spreading across the European continent, while growth opportunities continue in other geographical areas. The suspension of order intake on certain product lines has contributed to the decline in the order book, which remains very deep.”
