Manitou continues to roll out new models
Manitou continues its strong performance, with Michel Denis, president and chief executive officer, reporting a 21% increase in sales revenue, a new quarterly record.
He says Manitou took full advantage of favourable market trends across all geographic regions and business sectors, and of the success of the new product ranges. "Order intake equalled the record of Q4 2017, which meant that we closed the quarter with an order book at a record high of EUR870 million (USD1.05 billion).
"In partnership with our suppliers, we are increasing our production rate to meet demand and reduce our delivery times," he says, noting "difficulties experienced by certain suppliers".
Denis acknowledges increasing costs which will be passed onto customers, "over an extended period of time".
Manitou is also expecting "very strong activity in the second half", tipping a revenue rise of 15% for the full year.
The Compact Equipment Products Division enjoyed the strongest revenue growth (25%), with accelerated activity in North America where there was strong demand from rental companies.
Revenues in the Material Handling & Access Division rose 24% over the quarter (compared to the same period last year). There was a general expansion of activity across all geographic regions, prompting the manufacturing sites to get organised to keep pace with increased volumes.
The Services & Solutions Division recorded a 7% increase in its revenue.