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Manitou benefits from rental growth

Thursday, 3 Aug 2017 ( #832 ) - Ancenis, France
News Story
Manitou's materials handling revenue is up 19% from the same time last year
Manitou has closed the first half of 2017 with "strong sales growth due to a general acceleration in market activity, especially among rental companies, and the strengthening of our marketshare thanks to the acknowledged performance of our products and services, and the expanded range," according to Michel Denis, president and chief executive officer.

The Material Handling & Access (MHA) division recorded half-yearly revenue of EUR563 million (USD661.65 million), up 19% from the same time last year, excluding exchange rate impacts.

The division continued to develop, with activity remaining robust in the construction industry and acceleration in industrial handling. The renewal of the agricultural range has also been driving sales. Only results in the mining sector remained stable.

New machine orders were up, especially in France where "until April, the division had a lot of one-off orders related to the expiry of the special amortisation allowance law".

The Compact Equipment Products (CEP) division recorded revenue of EUR117 million (USD137.5 million), up by 13% on H1 2016.

Sales in this division benefited from a revival in the North American rental market, as well as robust levels of new machine orders in all regions. CEP ended the half-year period with its highest level of orders for two years.

With revenue of EUR125 million (USD146.9 million), the Services & Solutions (S&S) division also recorded a 13% increase in sales. Revenue grew strongly due to an acceleration in demand for spare parts and the increase in take-up of the new services that are now available. The division also reintegrated the spare parts management platform in North America in an attempt to improve its operational and financial performance.

"Based on the very good half-year results, … huge demand of the markets and the size of our order book, the group improved its outlook for 2017 and anticipate a growth of its sales revenue above 15%," says Denis.

The one dark spot is litigation in the wake of a claim filed by JCB in France and the United Kingdom, then in Italy, alleging infringement by the Manitou group of two European patents. The Manitou group strongly rejects the allegations and intends to defend itself vigorously against these claims.
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