 Michel Denis |
Manitou Group has continued its solid performance, with a record second quarter and revenue growth of 17% compared to the first half of 2017.
Business was buoyant in all geographies and in all three markets (construction, agriculture and industries), according to Michel Denis, president and CEO.
Manitou's sales for the first half reached EUR941.5 million (USD1.102 billion), up from EUR805 million (USD942.25) in the same period last year.
Manitou's order intake for the second quarter was up from Q2 2017 "if we exclude the exceptional effects generated in France by the end of the tax law on equipment over-amortisation in April 2017," Denis says.
"In this very favourable environment, the Manitou group continued to expand its product range, gain marketshare and increase its production rate."
Denis explains that growth placed great demands on the operational chain "which remained tense, but under control".
The group's best performance was in the Compact Equipment Products Division, which achieved a 29% increase in revenue. Business was sustained in all markets. In North America, growth of the rental companies was strong, as was their order intake. Growth was also very dynamic in Europe, as well as in the Asia Pacific region.
The group has also announced the launch of a process to strengthen its brands with the evolution of the Mustang brand into Mustang by Manitou starting this month.
"Business prospects remain positive, with markets that we still see well oriented in all regions. At this stage, the impact of changes in import duties in certain countries resulted in an increase in production costs in the United States which, like all American manufacturers, we pass on to our customers.
"The performance achieved in the first half-year, the favourable economic context and the size of our order book allow us to confirm our expectations of sales revenue growth of more than 15% for the financial year, and a growth in current operating income of around 80 basis points compared to 2017, or around 6.8%," he adds.