MANITOU Group has posted a record revenue for the 2023 financial year and its highest level of recurring operating profit in 15 years.
Net sales of €2,871 million were up 22% on the previous year, while recurring operating income soared to €211.6 million.
The group anticipates ‘stable’ revenue in 2024, with an expectation of recurring operating profit for 2024 to be over 6.5% of revenues.
Michel Denis, president & CEO, said, “2023 was a year of further commercial development and strong growth in profitability. The under-performance of 2022 has been completely erased. The group delivers its historical revenue record and its highest level of recurring operating profit in 15 years.
“The development of our profitability in 2023 is the result of substantive work initiated at the beginning of 2022 to react to the explosion in inflation following the outbreak of war in Ukraine. Sales price rises have gradually offset inflation in raw materials and expenses, and the supply chain tensions encountered since the Covid pandemic have eased, giving way to improvements in industrial efficiency.
“The improvement of these parameters and the anticipated deflation of our order book have led us to return to the operating modes we knew before the inflation peak of 2022, such as delivery times close to our targets, as well as the fixity of order prices, which we have begun to restore.
“For 2024, we anticipate stable revenues compared with 2023. The downturn in European markets, particularly in construction, should be offset by the dynamism of the North American market. This polarisation of markets will affect our production sites in different ways, with some remaining at record production rates, and others slowing down compared with 2023.
“This outlook leads us to expect recurring operating profit for 2024 to be over 6.5% of sales.”
