Manitou set for positive year
26 January 2024
Manitou ended its 2023 financial year with a 22% rise in revenues over 2022, reaching an all time record for the company of €2,871 million and forecasted further growth in 2024, despite downturns in some markets.
Michel Denis, President & Chief Executive Officer of the material handing equipment and MEWP manufacturer, said, “We are noticing a steady improvement in the fluidity of our supply chain and a gradual return to the operating practices we had before the Covid and inflation crises.
“All our markets and geographies recorded a positive dynamic.”
Looking ahead to the rest of this year, Denis noted that the expected market downturn in Europe will be offset by growth in the North American market, where the company has introduced additional capacity into product areas that were previously saturated and by the expansion of its range.
The company added, “All the action plans implemented to improve the company’s profitability, combined with better fluidity in the supply chain, have raised our expectation for 2023 recurring operating profit to more than 7% of revenues.”
Fourth quarter revenues in the group’s Product division reached €712 million, 13% up on the same period in 2023, and over the full 12 months the division experienced a 25% revenue rise.
“The fluidity improvement of the supply chain, the extension of the Madison, South Dakota, US, plant completed at the end of 2023, and the ambitious plan to launch new products will provide opportunities for resilience in 2024,” said the company.
With quarterly revenues of €102m, the Services & Solutions division (S&S) recorded a 1% increase in revenue compared with the fourth quarter 2022 and a 2% increase over the first 12 months of the year. The division is continuing to structure its activities on its key offers.