03.09.2012 Manitou First Half Year Growth
Manitou first half net earnings have increased by 40 percent to €21 million compared to the same period of the last year. Overall revenues increased by 20 percent to €672 million. At the main Rough Terrain Handling division, including telehandlers and access equipment, was a slight decline, as operating income increased by only 12 percent to €23.2 million, and revenues up 19 percent to €473 million in comparison with 2011. Operating profits from Compact Equipment, mainly Gehl, sales have reached €6 million. While the Industrial sector reported operating income of €1.6 million.
Manitou net debt has increased by 60 percent from €92 to €147 million, due to production ramp up, as well as large engines pre-purchase. According to Manitou Chief executive Jean-Christophe Giroux, financial progress in the first half of the year is an accomplishment in today’s economy; however, it is lower than expected. Currently, the manufacturer registered some one-off costs due to new product launches and external events such as Open Up.
Despite the fact that the situation on the market is volatile, it does not impact on Manitou strategy to double production, deploy greater flexibility and increase market influence. Manitou already started 2013 demand plan preparing. In the second half of 2012 Manitou has a strong backlog; the revenues should be higher confirming an overall 10% growth on a full year basis.
Goto chapter Top peopleHome