Ancenis, France-based Manitou last week announced 2011 first-half revenue of €561.6 million (about U.S. $758.7 million), a 45-percent improvement from €387.1 million in the first half of 2010. Operating profit increased to €25.3 million (U.S. $34.2 million) from €-7.3 million in the same period a year ago.
“With all three divisions profitable, a positive bottom line and a strengthened balance sheet, we're at least six months ahead of our 2011 financial recovery objectives,” said Jean-Christophe Giroux, Manitou president and CEO. “Equity is back above its June 30, 2009 level while net debt has been divided by four. We still have a lot to do but we can at least celebrate the end of a very dark period and we are particularly proud of Compact Equipment getting back in the black.
“Looking forward, we're sold out throughout end-2011 and our H2 performance will only depend on suppliers' deliveries. That remains our No.1 problem. Having said that, new clouds in worldwide economics could affect our customers' confidence in renewing or expanding their equipment fleets, and we will be carefully monitoring order-intake in the coming months to ascertain possible new business trends. In the meantime we will continue on our efforts on new-engines roadmaps, and will increase our focus on customers and market drivers.”
The Rough Terrain Handling Division generated revenue of €397.1 million, up 45 percent compared with the first half last year despite suppliers’ constraints.
The Industrial Material Handling Division posted revenue of €73.8 million, up 24 percent compared with last year’s first half.
The Compact Equipment Division enjoyed a sales rebound of 68 percent compared with the first-half of 2010, reporting revenue of €90.6 million. Boosted by volumes and pricing management, the CE division was also enhanced by lower SG&A costs.
In other company news, Henri Brisse joined Manitou Group as vice-president, sales & marketing, in charge of commercial operations across all brands and geographies.
The company expects 30-percent top-line growth on a full-year basis.
Manitou designs, assembles and distributes material-handling solutions for agriculture, construction and industry markets.