With a manufacturing and supply chain that is simply building in force there is every expectation Manitou will continue its record breaking run
Manitou has jumped out of the 2024 gate with all guns blazing with confirmation the company has accumulated all-time record sales revenue year in 2023 of €2.871 billion (A$4.72b), a 22% rise in revenues over 2022.
This revenue growth for 2023 was not unexpected as the company had predicted a further 20% increase when revenues grew by 26% in 2022, reaching a new historical record at €2.36 billion (A$3.88b), at the time. With that result following an already 23% increase in 2021 sales.
Manitou simply has its manufacturing and supply chain running very fluidly to be able to achieve these continued performance increases.
Michel Denis, President & Chief Executive Officer added, “The Group ended the 2023 year 2023 with sales growth of 22%, reaching an all-time record of €2,871 million. All our markets and geographies recorded a positive dynamic. We are noticing a steady improvement in the fluidity of our supply chain and a gradual return to the operating practices we had before the COVID-19 pandemic and inflation crises.
“The slowdown in construction in Europe initiated in mid-2023 has continued. It has resulted in a decrease in our order book, which we have accentuated by increasing our industrial production rates and by not reopening orders for products with the longest delivery times.
“For 2024, we expect the market downturn that we are experiencing in Europe to be offset by the dynamic of the North American market, by the additional production capacity recently commissioned on lines of business that were previously saturated and by the expansion of our product ranges.
“All the action plans implemented to improve the company’s profitability, combined with better fluidity in the supply chain, have raised our expectation for 2023 recurring operating profit to more than 7% of revenues. For 2024, these dynamics enable us to anticipate stable revenue compared with 2023,” Michel Denis concluded.
Revenue by division
With quarterly revenues of €712 million (A$1.17b), the Product division recorded growth of +13% compared with Q4 2022, and +25% over the first 12 months of the year (+27% at constant scope and exchange rate). The division’s order book now mainly includes variable-price orders for delivery beyond six months, with the possibility of cancellation by the customer.
In addition, the fluidity improvement of the supply chain, the extension of the Madison South Dakota USA plant completed at the end of 2023, and the ambitious plan for Manitou to launch new products will provide opportunities for resilience in 2024. With quarterly revenues of €102m (A$168m), the Services & Solutions division (S&S) recorded a 1% increase in revenue compared with Q4 2022 and a +2% increase over the first 12 months of the year (+3% at constant scope and exchange rate). The division is continuing to structure its activities on its key offers.
Net sales by division
