Manitou Group has recorded an increase of 26% in net sales for the 2022 financial year.

Its recurring operating income was EUR84.6 million (USD89.2 million) – down by 32% from the previous year.

The product division revenue rose by 28%, despite tensions within the supply chain and inflation.

“The commitment of the teams enabled us to overcome the supply chain difficulties and to significantly accelerate production,” says president and CEO Michel Denis.

“Inflation was immediately reflected in sales prices, but with a time lag effect due to the depth of the order book.

“This situation caused a significant cyclical squeeze on margins,” says Denis.

The company is committed to emissions reductions, having launched its first electric telehandlers last year. 

Denis says Manitou has renewed its core construction range developed on a new shared platform, accelerated innovation, inaugurated a new aerial work platforms plant in France and launched a massive plan to expand the industrial capacities of its two American production sites.

Manitou anticipates its growth to be around 20% this year.