Manitou: 2016 Results Up 3.5 Percent

March 1, 2017

The Manitou BF board of directors announced the company's full-year financial statements for 2016. Manitou president & CEO, Michel Denis, said, "2016 was another year in which the Manitou group went from strength to strength as regards market share, in terms of our capacity to develop new products and services which were a success in 2016, in our expanding geographical presence, in our commitment to CSR, as well as from a financial point of view."

In geographic terms, business activity in 2016 was particularly strong in France and in Southern Europe. In market terms, progress has been most marked in the construction sector outside the United States and in the industrial sector. The positive trend in order intakes which was observed at the end of last year has been significantly amplified across both markets and geographical areas, most notably in the United States. 

The Material Handling & Access Division (MHA) reported sales of 904 M€ in 2016 against 827 M€ in 2015, a growth of +9% (+11% at constant exchange rate). The year was marked by a very strong new increase in profitability based on growth in volume and on the management of the supply chain and costs. The division ended the financial year with a recurring operating income of 62.3 M€, or 6.9% of turnover, an increase of 1.6 point over 2015.

The Compact Equipment Products Division (CEP) reported sales of 203 M€ in 2016, a downturn of -15% against 2015. The division suffered from a sharp decline in sales on American markets which are both very depressed and highly competitive, and from the added pressure on exports caused by the high price of the dollar. The financial impact caused by the scale of the downturn was only partially offset by a reduction in the break-even point. The recurring operating income closed at -6.0 M€ or 2.9% of sales compared to +1.8% in 2015.

With sales of 225 M€, the Services & Solutions Division (S&S) recorded a +2% sales increase in its activity (+4% at constant exchange rate) against 2015. The division continues to develop numerous services dedicated to users. In 2016 it registered a recurring operating income of 14.3 M€, or 6.3% of sales, an increase of 0.7 point against 2015.

"The increased confidence of our customers allows us to anticipate for 2017 a growth in sales of approximately +5% to +7% compared to 2016 and, bearing in mind the rapid adaptive measures to this new context, an increase in the order book and in purchase prices, a growth in our recurring operating income of approximately 50 basis points," Denis concluded.