Manitou has reported significant revenue rises for the first quarter of 2023.
President and CEO Michel Denis says: "The group is starting the 2023 financial year with a dynamic first quarter. The increase in production rates achieved during 2022 has enabled us to deliver revenues up by 48% compared with the first quarter of 2022, which was particularly affected by the sanitary crisis and supply difficulties.
Manitou enjoys significant revenue rises
“From an operational point of view, we note a slight improvement in the tensions on our supply chain, without considering that this topic is behind us.
“In 2023, the group's performance will depend on our ability to produce, given the depth of our order book, and so far, the slowdowns we are seeing in the construction in Europe are not affecting our capacity (for) growth for the year, especially since, outside the United Kingdom, rental companies are still favourably oriented to purchase.”
The Product division realised quarterly revenues of EUR562 million (USD621 million), up 58% compared to Q1 2022. The division continued its efforts with high production rates to clear its order book.
With revenues of EUR103 million (USD114 million), the Services and Solutions division recorded an 8% increase in activity compared to Q1 2022, “in a context of continuing supply chain tension”. The division continues to develop structural investments in its logistics platforms and in digital.
Denis reiterates his board’s expectations of annual revenue growth of around 20% compared with 2022 and an increase in the recurring operating income rate of around 100 basis points.