Manitou has set a new mark in revenue for its fourth quarter, the company reports. Michel Denis, President and Chief Executive Officer, stated: "The group ended the year 2019 with a revenue that exceeded the 2 billion euro mark for the first time in its history, while strengthening its global presence and market share.
The doubling of order intake in the fourth quarter compared to the previous quarter gives the order book a depth of around 4 months of activity. We are thus finding our optimal balance between our customers' delivery time expectations and our suppliers' need for visibility in order to supply ourselves in a fluid manner after the cyclical peak in delivery times that we reached at the end of 2018.
In the fourth quarter, customer demand remained strong across all sectors. We note, however, that in the construction sector, rentals continue to speak positively on market dynamics, while maintaining a wait-and-see attitude with regard to their investment decisions.
The gradual slowdown in the world economy, combined with uncertainties such as the effects of Brexit or the US elections, lead us to anticipate a decline in sales of around 10% in 2020 compared to 2019."
Business Review by Division
The Material Handling & Access Division - (MHA) generated quarterly sales of €333 million, down -8% compared with Q4 2018 and up +13% over 12 months (+12% at constant exchange rates and scope). Record level of activity. Gradual adjustment of production capacity in view of the combination of slower order intake and shorter delivery times.
The Compact Equipment Products Division - (CEP) achieved fourth-quarter sales of €81 million, down -8% compared with Q4 2018 and up +5% over 12 months (+1% at constant exchange rates and scope). Significant work has been carried out to restore the Madison (SD) site in the US, which was blocked for six weeks due to flooding, the impact of which will be covered by insurance.
With revenues of €80 million, the Services & Solutions Division - (S&S) recorded a 12% increase in activity compared to Q4 2018 and a +12% increase over 12 months (11% at constant exchange rates and scope of consolidation). The highest growth in activity was achieved in the service operations that have been reinforced over the last few years.
Elisabeth Ausimour is appointed President, Material Handling and Access Division and a member of the Group Executive Committee. A graduate of the EPF, Elisabeth Ausimour began her career at Chantiers de l'Atlantique before joining the Manitou group in 2005, where she successively held positions of responsibility in purchasing and quality, then as Vice-President of the Aerial Work Platforms Product Unit and more recently as Vice-President ERP - Process redesign.