Manitou accelerates growth

News Story
- 2 Feb 2023 ( #1113 ) - Ancenis, France
1 min read
Manitou financial performance
Manitou financial performance

French equipment maker Manitou has recorded strong growth in the last quarter and for the last calendar year.

“The group continues to accelerate its growth by closing the year with a 54% increase in Q4 revenues compared to Q4 2021,” says chief executive officer Michel Denis. "Over the entire year, our revenues grew by 26% and reached a new historical record at EUR2.36 billion (USD2.57 billion). The commitment of our teams and the adaptation to a supply-chain environment that is still not very fluid have enabled us to achieve this performance.”

According to Denis, sales price increases had only a partial effect in 2022. “The very high level of invoicing in the fourth quarter concerned old orders with low margins, which weighed on the operating margin for 2022 and led the group to revise its operating margin estimate for 2022 to around 3.5% of its revenues.”

Denis believes most global markets are performing well, with only the construction sector in Europe, in particular the United Kingdom and Germany “showing less dynamism or a slowdown”. The trend is noticeable among rental companies, where demand is high on all continents.

The group is anticipating revenue growth of over 20% compared to 2022. 

At a strategic level, Manitou is hoping to capitalise on its recent acquisition of a controlling stake in EasyLi, a company specialised in the design and production of batteries and battery management systems. “This is a key step in the acquisition of know-how in the context of the group's energy transition,” Denis says.


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