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Manitou rebounds with improved earnings

Wednesday, 9 Mar 2011 ( #504 ) - Ancenis, France
News Story
Manitou displayed its adapted MT 14-18m telehandler series at Samoter 2011.
French telehandler manufacturer Manitou BF has recorded a 60% rise in orders from 2009 to 2010, prompting the company’s CEO to declare that it has bounced back from the global recession.

"2010 has been a true rebound," says Manitou president and CEO Jean-Christophe Giroux. "This was first driven by prior year catch-up situations but gradually gained strength from improving market conditions. At the same time, we’ve put financial issues to bed."

The company cut net debt by almost half for the second year in a row and working capital had been decreased by 14% while revenue jumped by 23%.

Giroux says the company’s day-to-day challenge now is to deliver on a growing backlog as it experiences different supplier situations that are putting lines and lead times at risk almost on a daily basis.

"This will probably weigh on the recovery of operating margins already exposed to component increases, either from raw material prices or new regulatory constraints," he adds.

The company believes it has entered a new growth cycle with customer fleets being first renewed then extended, while new users and markets will progressively open up new opportunities.

Manitou’s rough-terrain handling division generated EUR586 million (USD814 million) in 2010 revenue, a 21% growth over 2009’s EUR485 million (USD673.8 million). The industrial materials handling division posted revenue of EUR124 million (USD172 million), identical to last year’s.

The company’s earnings before interest, taxes, depreciation and amortisation for 2010 totaled EUR12 million (USD16.7 million) compared to –EUR36 million (-USD50 million) in 2009. Revenue increased 23% to EUR838 million (USD1.164 billion) in 2010 and Manitou made an operating profit of EUR2 million (USD2.8 million) compared to a loss of EUR146 million (USD202.8 million) in 2009.

Separately, Manitou showcased its adapted MT 14-18m telehandler series at the Samoter trade show in Verona, Italy on 2-6 March.  The new versions of the construction telehandler promise users faster boom extension, flexibility and simultaneity of movement and short response time.
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