Manitou projects mid-to-high single-digit growth for this year after reporting revenue more than halved in 2009.

Jean Christophe Giroux, Manitou's CEO, calls 2009 "an unprecedented year" for Manitou and the industry. "Our financial performance, therefore, reflects a severe operational under-activity across all product divisions and related one-off charges for over EUR65 million (USD86.7 million)."

Giroux adds that at the same time, Manitou repaid half of its net debt in 12 months and is a year ahead in its repayment schedule.

"We have reduced our head count by 21% and lowered our breakeven point by 25% while successfully sustaining our operational assets and talent base. Our dealer networks are weathering the storm and are already shifting to new business opportunities," he says.

Manitou reports revenue in 2009 was EUR684.1 million (USD910.3 million), compared to EUR1.277 billion (USD1.7 billion) in 2008. The rough terrain handling division saw its activity reduce by 53% but maintained its marketshare. The industrial materials handling division posted revenue of EUR124 million (USD165.4 million) compared to EUR224 million (USD298.8 million) the previous year. Above-average performance for the division came from Manitou forklifts, warehousing and service and parts activities.

Manitou has started hiring temporary staff to cope with "stronger than expected" orders. It expects the rough terrain handling and industrial materials handling divisions to be back in the black in 2010.