Manitou shows 19 percent revenue increase through end of 2017, expects continued growth
Manitou has announced its fourth quarter revenues, which show an overall sales revenue increase of 19 percent through 2017. In addition, the company showed a strong growth in orders through the end of the quarter, and expects continued growth in 2018.
Michel Denis, President and Chief Executive Officer, stated: "The Group ended the financial year having strengthened its market share and grown its sales revenues by +19%. Development was recorded in all geographical regions. In terms of sector, construction has seen the liveliest growth, driven by market momentum and strengthened activity with European and North American rental companies. In the agricultural sector, our new range of telehandlers has enjoyed even greater success. This has enabled us to strengthen our position in a market that is buoyant again. Lastly, in industry, the Group has bolstered its positions in the industrial and all-terrain handling equipment segments."
Fourth quarter revenues were €432 million, an increase of 35 percent versus the fourth quarter of 2016.
"In the quarter, our sales performance has improved, with customer orders that have continued to develop and surpass previous invoicing levels for the fourth quarter. This means that we closed the year with our order book having reached record levels, at more than 700 million Euros," Denis said.
Overall, Manitou saw total revenues of €1.59 billion, a 19 percent rise over the previous year.
"The entire operational chain proved capable of coping with the inevitable tensions that arose during the rapid ramp-up in production needed to deliver the required volumes. This acceleration in activity occurred amidst continuing inflation on the cost of materials; the Group is reflecting these costs in its sales prices, but is applying them over an extended period of time, given the large number of orders placed which will impact on the operating margin without jeopardising the 2017 guidance," Denis said. "The depth of the order book and the robust state of the markets across all geographical regions and business sectors allow us to anticipate for 2018, at constant exchange rates, a growth in sales revenues of + 10% compared with 2017 with a stronger growth on the second semester than the first part of the year."
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