Rental demand holds up for Manitou
27 January 2023
Manitou Group capped off 2022 with a 54% rise in revenues in the fourth quarter, compared to the same period in 2021. Over the full year revenues grew by 26% and reached a new record of €2.36 billion.
The group said price increases due to increasing costs of components had not played a major role in the revenue rise and it had managed to adapt to the ongoing supply chain issues.
“The commitment of our teams and the adaptation to a supply-chain environment that is still not very fluid have enabled us to achieve this performance.” However, Manitou added that supply chain and inflationary pressures would continue into the second half of 2023.
Part of the company’s move to adapt to a changing market was its majority acquisition of EasyLi in January this year. The company designs and produces batteries and battery management systems. The 82% investment in EasyLi, “Is a key step in the acquisition of knowhow in the context of the group’s energy transition,” said Manitou.
Revenues by division
In the fourth quarter of 2022, Manitou’s Product division achieved a quarterly revenue of €630 million, up 65% compared to the fourth quarter 2021 and 28% over the full year.
Nevertheless, the France-based manufacturer confirmed it was still dealing with availability issues. “To limit overly massive expectations of order intake for 2024, orders are now being opened gradually with dealers.
The group added, “All operations are focused on accelerating production rates, managing the supply chain, and investing in R&D and capacity expansion in progress in France and the US, the investments in 2023 are expected to be close to double those in 2022.”
With revenues of €101 million, the Services & Solutions division (S&S) recorded a 10% increase in sales and a 15% rise over the 12 months.
On the subject of global markets, Manitou said the situation was buoyant. “The markets remain globally well oriented. Only the construction sector in Europe, in particular the UK and Germany, is showing less dynamism or a slowdown. This is not, however, noticeable among rental companies, which remain in demand on all continents.”
The company added that the supply chain ‘remains tense and inflationary’, and expectations are that inflationary pressures on its margins would return to a normal situation in the second half of 2023. Overall, the group forecasts a revenue growth of more than 20% in 2023, over 2022.