Telehandler builder Manitou Group has reported a 24% drop in revenue for 2020 but says orders were at record levels by the end of the year.
The France-based company’s revenue was €1,585 million (AU$2,483 million) for the whole of 2020, down from €2,094 million (AU$3,280 million) in 2019, which it said was slightly above expectations.
In contrast, its fourth quarter order intake was €727 million (AU$1,139 million), up from €483 million (AU$756 million) in the same period of 2019, and represented a quarterly order record.
Concerning the fourth quarter, Michel Denis, Manitou Group’s president and chief executive officer, said, “All geographies and markets were dynamic, including European and North American rental companies. We thus ended the year with the second highest level of order book we have ever experienced. This increase in our backlog reinforces the group’s commercial positioning. It leads us to accelerate our production rates on all sites.”
Denis added that while the health crisis and economic uncertainties could impact business in 2021, he was optimistic for the year ahead.
“Given this much more favourable context and these exogenous pressures, we anticipate sales growth for 2021 of more than 10% over the previous year,” he said.