Manitou forecasts 20% growth in 2022

By Euan Youdale04 March 2022

Manitou has reported revenue growth of 18% in 2021, backed by record orders, and forecasts growth of 20% in 2022, factoring in the war in the Ukraine

Commenting on the group’s net sales of €1.88 billion for the year, Michel Denis, president and CEO of Manitou, said 2021 had been a ‘fantastic’ year, ending with an unprecedented order intake and a record order book of €3 billion.

Manitou Group

“Our revenues grew by 18% compared to 2020 in an operating context disrupted by health crises, component shortages and inflationary pressures.” However, Denis added, “The acceleration of inflation at the end of last year has created a squeeze on margins which we expect to continue in the first half of 2022, before being gradually corrected in the second half.

“Furthermore,” said Denis, “In the absence of new major disruptions in the global economy, inflation dynamics, and based on the assessment to date of the effects of the war in Ukraine, the group expects its revenues to grow by more than 20% compared to 2021 and to sustain its operating income rate to revenue.”

The Product division, combining the former Material Handling and Access (MHA) and CEP divisions, reported revenue of €1,534.8 million in 2021, up 19.4% compared with 2020, which had been deeply impacted by the Covid-19 crisis. The division benefited from the rebound seen at the end of 2020, with revenues increasing in all geographic areas and markets.

During 2021, the division was forced to move quickly to manage production speeds and supply chain issues and to deal with material price inflation, which increased in the second half of the year, said the company. It also increased costs in its R&D and related areas. Nevertheless, the division’s recurring operating income rose by €44.4 million, representing a 94.7% increase to €91.3 million, compared to 2020.

The Services & Solutions (S&S) division saw revenue growth of 13.2% for the year. As with the product division business grew in all geographical areas and markets, except for service activities, which were more resilient in 2020.

Administrative, sales, marketing and service expenses were up 18.1%, or €9.2 million, given the rebound in activity. As a result, the division’s profit was €32.5 million, down €6 million compared to 2020.

Delivered directly to your inbox, Access International Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Equipment Depot makes changes as it targets $1 billion in revenue by 2025
Material handling rental leader points to its ‘2025 Vision Strategy’ as it gears up to meet corporate goals
Rental Briefing: daily newsletter for rental sector being launched by KHL
Newsletter will provide analysis, comment and insight into the global industry
Construction equipment bodies respond to UK’s net zero shift
Association bosses say ‘softer package’ sends wrong message to the industry
Euan Youdale Editor, Access International Tel: +44 (0)1892 786 214 E-mail:
Ollie Hodges Publisher Tel: +44 (0)1892 786253 E-mail: