Manitou, the world’s ninth biggest forklift maker, posted a record EU2.87 billion (USD3.1 billion) in sales for the full year, up 22% on the previous year.

Fourth quarter revenue was up 11% to EU814 million (USD881 million).

“All our markets and geographies recorded a positive dynamic,” says Manitou chief executive officer Michel Denis. “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.”

At the end of the fourth quarter of 2023, the company’s order book on equipment was EU2.275 billion (USD2.47 billion), compared to EU3.521 billion (USD3.8 billion) in the same quarter of 2022.

“The slowdown in construction in Europe initiated in mid-2023 has continued,” Denis says.

“It has resulted in a decrease in our order book, which we have accentuated by increasing our industrial production rates and by not reopening orders for products with the longest delivery times.

“For 2024, we expect the market downturn that we are experiencing in Europe to be offset by the dynamic of the North American market, by the additional production capacity recently commissioned on lines of business that were previously saturated and by the expansion of our product ranges." 

The company’s product division posted a 25% increase in revenue for the full year, while the sales and service division delivered a 2% increase.

In other company news, Manitou reorganised its executive division, with Hervé Rochet taking on the role of chief transformation and governance officer and Céline Brard taking on Rochet’s former role as chief financial officer.

Manitou says the executive reorganisation reflects the company’s 50% growth in sales and 30% increase in headcount over the past five years.